Oil prices leapt to nearly $110 a barrel after Iranian media reported an airstrike hitting a facility on the world's largest natural gas field. The Brent crude oil benchmark hit $109.91 a barrel just after 14:30GMT, more than 5% higher than Tuesday's prices. It remains above $108. The surge followed a report from Tasnim, a news agency affiliated with the Islamic Revolutionary Guard Corps (IRGC), that Iran's petrochemical complex on the South Pars gas field had been hit. The benchmark UK gas price also jumped by 6% to 143.53p a therm before falling back below the 140p mark. While the price of both oil and gas spiked, they remained below highs seen earlier in the conflict. Oil reached $116.78 a barrel on 9 March, while UK gas reached 162.55p a therm on 3 March. Iran's oil ministry said a fire at the petrochemical complex was under control on Wednesday afternoon, Tasnim reported, but the extent of the damage to the facility remained unclear. Iran's military warned it would take decisive action in response to the strike on its energy infrastructure. The military stated that any attacks on its fuel and energy infrastructure will be met with a powerful counterattack. Additionally, Iran has suspended the flow of gas to Iraq to bolster its domestic supplies. In contrast, Qatar, which operates on the gas field, had previously ceased production in response to the conflict. Qatar officials have labeled strikes against energy facilities as a significant threat to global energy security.