<div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Australian shares dropped 1.5 percent on opening this morning, a four-month low wiping off about $50 billion as oil prices surged as energy infrastructure on all sides in the Middle East came under attack.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Overnight, oil prices surged again, with brent crude, the global oil benchmark, hitting US$110 a barrel.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>The oil surge price sent more shockwaves around financial markets at the same time the White House was doing its best to alleviate fears about rising energy prices.</span></div></div><div><div id="adspot-mobile-medium"></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><strong><span>LIVE UPDATES: </span></strong><a href="https://www.9news.com.au/world/us-israel-iran-war-live-updates-march-19-donald-trump-officials-should-must-make-his-decisions-as-successful-as-possible-jd-vance-says-irans-new-supreme-leader-issues-a-rare-statement/db9709f9-041a-4e5d-a484-cec456ce469d"><strong><span>Trump's claims of a wipeout are blown up in just four words</span></strong></a></div></div><div class="tweet" data-tweet-id="2034337662295851263" data-user="9NewsAUS"></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>The global economic fallout remains uncertain as Iran struck Gulf energy sites while Israel took aim at an Iranian gas field. The prospect of an Iran revenge attack for the gasfield bombing will only cause further market carnage.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Gas operations at crucial energy sites in Abu Dhabi have also been temporarily suspended after debris from intercepted missiles fell on the facilities.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>What is also uncertain is how much the US backed this latest Israeli strike. The US knew Israel planned to strike Iran's South Pars natural gas fields and oil facilities in Asaluyeh, but it did not take part, the Associated Press reported.</span></div></div><div><div class="OUTBRAIN" data-reactroot="" data-src="//www.9news.com.au/finance/us-iran-gas-field-and-oil-prices/e8ddb640-9937-4cdf-a24a-9c014844a1cf" data-widget-id="AR_5"></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>But the Wall Street Journal reported that US President Donald Trump has now made it clear he wants no more strikes on Iranian energy sites, unless Iran threatens oil and trade routes.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Adding to the longtime uncertainty, US Federal Reserve chairman Jerome Powell said that, ultimately, nobody knows what long-term impact the war will have on the US and the global economy.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"The thing I really want to emphasise is that nobody knows," he said, as the US held interest rates.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><strong><span>READ MORE: </span></strong><a href="https://www.9news.com.au/world/jd-vance-iran-petrol-prices-worse-overseas-gas-usa-politics-news/9bf2bac5-eb01-4f07-beeb-cbb79d7c1e94"><strong><span>The comments from Trump's right-hand man that should annoy every Aussie driver</span></strong></a></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><h3><strong><span>Iran keeps up strikes on Gulf countries' oil facilities</span></strong></h3></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Iran has been targeting the energy infrastructure of its Gulf Arab neighbours, as well as military bases, as part of a strategy to drive up oil prices and put pressure on the US and Israel to back down.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>QatarEnergy said on X that a missile hit its massive Ras Laffan liquefied natural gas facility, sparking a fire that caused "extensive" damage before it was extinguished.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>The company had already halted production there because of Iranian attacks.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Since the war started, a small number of ships have gotten through the Strait of Hormuz, which leads from the Persian Gulf to the open ocean — some Iranian, but also vessels from India, Turkey and elsewhere. Iran insists the waterway is open, just not to the U.S. or its allies.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>U.S. President Donald Trump has expressed growing frustration that no allies have offered to help open the strait, posting on social media: "WE DON'T NEED THE HELP OF ANYONE!"</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>A top British military official, Armed Forces Minister Al Carns, said that any reopening of the strait is a long way off because of threats that include mines, attack boats and drones.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Iraq, which paused operations at its main oil terminal on the Persian Gulf last week, said it had reached a deal with the autonomous northern Iraqi Kurdish administration to begin exporting 250,000 barrels of crude oil daily via pipeline to a port in Turkey.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Saudi Arabia is also bypassing the Strait of Hormuz, sending some of oil by pipeline across the country to be shipped from a Red Sea port.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><h3><strong><span>Qatar says it 'reserves the right to respond' after Iran attacks a key natural gas site</span></strong></h3></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Ras Laffan Industrial City is the largest liquefied natural gas export facility in the world, according to the website of QatarEnergy, the state-owned oil and gas company.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>On X, Qatar's Foreign Ministry condemned the attack and said it marked a dangerous escalation. The ministry wrote that Qatar would not hesitate to respond to attacks on its security and sovereignty.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><h3><strong><span>Why Iran's South Pars field is crucial</span></strong></h3></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>The natural gas field under the Gulf is the world's largest. It's shared by Iran and Qatar, and is called South Pars on the Iranian side and the North Field on the Qatari side.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Iran is the fourth-largest consumer of natural gas in the world, and 80 per cent of it comes from South Pars.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Although the field mainly supplies Iran's domestic needs, global oil prices rose on news of the attack due to fears of Iranian retaliation on Gulf energy infrastructure.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Qatar, which has a much smaller population than Iran, has invested billions in developing the field as a source of liquefied natural gas for export.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Iran tried to develop similar LNG exports but was blocked by sanctions over its nuclear program.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><em><span>- With AP, CNN</span></em></div></div>