As if the Iranian debacle created by Israel and the US couldn’t get any worse, overnight, Israel — with the knowledge of the Trump administration — attacked Iran’s huge South Pars gas field, setting its facilities ablaze. In response, and as expected, Iran then attacked Qatar’s Ras Laffan gas site, causing “extensive damage“. The Wall Street Journal reported that Donald Trump now doesn’t want any more attacks on Iranian energy infrastructure.
A disruption to Gulf gas production, in addition to the oil price shock now being injected into the global economy, will accelerate and deepen the disastrous impact of the war on businesses and consumers around the world, with only fossil fuel companies and governments of energy exports, such as Australia, Russia and the US, set to benefit.