[MARKET UPDATE] Crude oil and European gas futures rise to session highs as Iran's upstream oil and gas facilities are hit for the first time, with Iran to take offline several phases of the South Pars Gas field (the world's largest natural gas field)

Crude oil and European gas futures rise to session highs as Iran's upstream oil and gas facilities are hit for the first time, with Iran to take offline several phases of the South Pars Gas field (the world's largest natural gas field)

The attack on Iran's oil and gas facilities marks a significant supply disruption in the already challenging energy market. With Iran's decision to take offline parts of the South Pars Gas field, the potential for reduced supply is likely to support higher crude oil and European gas prices, reflecting increased geopolitical risk and tightening market conditions.