Oil Hits $113 After Strike on South Pars Gas Field

Mar 19, 2026 | Current Affairs

The strike on South Pars marks a massive escalation in the 20-day-old Middle East war. By targeting “upstream” production—the actual source of the fuel, rather than just storage depots, the conflict has moved into a phase that experts warn could trigger a global depression.

The South Pars Strike: Targeting Iran’s “Lifeblood”

South Pars is the Iranian sector of the world’s largest gas reservoir (shared with Qatar’s North Field).

  • Domestic Impact: This field provides 75-80% of Iran’s domestic gas. The strike was designed to cripple Iran’s internal power grid and heating, rather than just its exports.
  • The “License to Kill”: This attack coincided with the assassination of high-ranking Iranian officials like Ali Larijani, signaling a coordinated attempt to dismantle the Iranian state’s functional capacity.

The Retaliation: Qatar’s Ras Laffan Hit

In a move that shocked global markets, Iran struck back at the shared reservoir’s Qatari side:

  • LNG Shock: Qatar provides 20% of the world’s Liquefied Natural Gas (LNG). The missile strike on Ras Laffan caused a massive fire, threatening exports to Europe and Asia.
  • The IRGC Ultimatum: Iran has labeled energy facilities in Saudi Arabia (Samref Refinery) and the UAE (Al Hosn Gas Field) as “legitimate targets,” leading to a “panic mode” in regional shipping.

Pakistan: The “Eid Buffer” Policy

Despite global Brent crude crossing the $113 mark, the situation at Pakistani petrol pumps is currently stable due to a government intervention:

  • Price Freeze: Prime Minister Shehbaz Sharif has directed that petrol and diesel prices remain unchanged until March 31, absorbing an estimated Rs 19–29 per litre increase through a Rs 23 billion subsidy.
  • Anti-Hoarding: The government has launched a crackdown on Oil Marketing Companies (OMCs) to ensure they do not withhold stocks during the high-demand Eid season.
  • The “Hormuz” Threat: Analysts warn that if the Strait of Hormuz remains closed, Pakistan’s reliance on expensive “Oman Crude” (which has touched $150) will eventually force a massive price hike in April.

Survival Tips for the Energy Crisis

  1. Fuel Up Before Friday: Although prices are frozen, the Karachi storm and Eid travel could lead to localized shortages. Fill your tanks early to avoid long queues.
  2. Conserve Electricity: With the gas supply for power plants under threat globally, expect increased load-shedding. Ensure your UPS and solar systems are maintained.
  3. Travel Light: Given the government’s call for “austerity,” consider limiting long-distance road trips this Eid to save on high-priced fuel.

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