Israel will suspend further strikes on Iran’s South Pars gas field at the request of Donald Trump, Israeli Prime Minister Benjamin Netanyahu said Thursday, as the conflict with Iran intensifies and threatens global energy markets.

The pause comes amid a sharp escalation by Iran, which launched attacks on oil and natural gas infrastructure across the الخليج region, targeting facilities in Qatar, Saudi Arabia, Kuwait, and the United Arab Emirates. The strikes followed an earlier Israeli attack on the South Pars field, one of the world’s largest natural gas reserves.

Energy markets reacted immediately. Brent crude briefly surged above $119 per barrel, marking a steep rise since the war began, while European natural gas prices have roughly doubled in recent weeks. Much of the volatility is tied to Iran’s ability to disrupt the Strait of Hormuz, a critical shipping lane for roughly 20% of global oil supply.

Despite Israel’s pause on the South Pars site, Iran has shown no indication it will scale back its broader campaign. Missile and drone strikes have damaged key infrastructure, including Qatar’s Ras Laffan liquefied natural gas facility and a Saudi refinery in Yanbu along the Red Sea. Additional attacks were reported on oil facilities in Kuwait and gas operations in Abu Dhabi.

Regional leaders condemned the strikes as a dangerous escalation, warning that continued attacks could draw Gulf states more directly into the conflict. Shipping routes have also come under threat, with vessels damaged near the United Arab Emirates and Qatar.

Since the war began in late February, Israeli and U.S. operations have targeted Iran’s military leadership and strategic capabilities. Netanyahu claimed Iran’s air defenses, navy, and air force have been largely neutralized, though he did not provide detailed evidence.

Trump, in a public statement, warned Iran against expanding attacks, particularly against Qatar, signaling that further escalation could trigger direct U.S. action against the South Pars facility.

With no ceasefire talks underway and both sides continuing operations, the conflict is increasingly shaping into a broader regional crisis with significant economic and geopolitical consequences.