The Persian Gulf island, targeted by U.S. strikes, is home to Iran’s main oil export terminal. Any disruption could jolt global energy markets.
Geography and regional rivalries have prevented Gulf countries from finding a true alternative to the strait, which the war with Iran has effectively shut down.
The Persian Gulf island, targeted by U.S. strikes, is home to Iran’s main oil export terminal. Any disruption could jolt global energy markets.
The strikes on Kharg Island targeted Iranian military forces, not economic infrastructure on the island, a U.S. military official said.
Defense Secretary Pete Hegseth said Friday would be the most intense day of the U.S. air campaign in Iran as a vital oil supply route remained choked off.
Defense Secretary Pete Hegseth said that the disruptions in the Strait of Hormuz were “something we are dealing with.” And about 2,500 Marines were headed to the Middle East to bolster the war effort.
Iran’s response to days of aerial bombardment and long-range artillery strikes has proved more resilient than Trump administration officials anticipated.
Governments have stockpiled oil, and cars are more efficient but the supply shock is global, and there’s no sense of when it’ll end.
Four years after the Russian invasion of Ukraine sent energy prices soaring, the war in Iran is posing another challenge to efforts to revive European factories.
Treasury Secretary Scott Bessent said it was “unfortunate” that the move could benefit Russia, but maintained that it was only for the short term.