What has Happened: This morning, the price of oil rose following the report that Israel struck Iran’s South Pars gas field (the largest such facility in the world). Iran shares the field with Qatar, and the attack was designed to cut off an economic pipeline for the IRGC. The South Pars field accounts for ~75% of Iran’s natural gas production, which is almost entirely for domestic use. Qatar condemned the attack, but it is also important to note that Israel hit Iranian sections of South Pars last June during the 12-day war. Iran has warned that it will take “decisive ... Academy SITREP – Israel Strikes Iran’s South Pars Gas Field