The United States has bombed military installations on an Iranian island, home to the country’s main oil export terminal, in a move that has heightened tensions between the two nations. President Trump said he directed the Pentagon to “totally obliterate” military forces on Kharg Island but instructed them not to damage the oil infrastructure. The attack comes amid rising tensions and increased attacks on US diplomatic missions.
Iran’s Revolutionary Guards warned that if the US follows through with its threat, it will retaliate by attacking all oil and energy infrastructure of companies in the region that have American shares or cooperate with America. Iran has laid mines in the Strait of Hormuz, which is a crucial waterway for international shipping.
The global price of oil has surged by 40% since the US and Israel began their military campaign against Iran last month. The attack on Kharg Island has disrupted Iranian oil exports and has sent shockwaves through the global energy market.
The US decision to temporarily loosen sanctions on Russian oil comes as a surprise, with European countries rejecting the move. Russia’s budget is expected to gain more than $1.6 billion per month from each $10 increase in the price of its crude.
The escalation in tensions between Iran and the US has significant implications for global energy markets. The attack on Kharg Island and the subsequent rise in oil prices have raised concerns about the stability of the region.
Source: https://www.nytimes.com/live/2026/03/14/world/iran-war-trump-oil-israel