Global gas explodes, local will be OK

Thursday 19 March 2026

Iran has threatened to attack oil and gas facilities in the Gulf region in retaliation for an Israeli strike on its South Pars gasfield as the fallout from the United States-Israeli war on the country continues to escalate.

Israel bombed the Iranian gas field because it supplies 20% of Iran’s power. None of this gas is for export.

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About the author

David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.