FX.co ★ Oil Rebounds Amid Iran’s South Pars Attack

WTI crude oil futures rebounded to nearly $97 per barrel after reports of an attack on Iran’s South Pars gas field, which it shares with Qatar. Iranian state television said that US and Israeli airstrikes hit South Pars as well as nearby petrochemical facilities in Asaluyeh, marking the first confirmed strike on Iran’s upstream energy infrastructure in the current conflict. South Pars achieved a record daily output of 730 million cubic meters in 2025.

Overnight, Iranian attacks on Israel and Gulf states continued, as Tehran vowed to avenge the killing of security chief Ali Larijani. Israel, for its part, said Iranian intelligence minister Esmaeil Khatib had been killed. President Trump stated that the US could bring the war with Iran to an end “in the near future.”

Separately, Iraq plans to resume crude exports through the pipeline to Turkey’s Ceyhan port, though the planned volumes will represent only a small fraction of prewar output. Meanwhile, API data showed that US crude inventories increased by 6.56 million barrels last week, far exceeding market expectations.