Oil Markets Surge Past $100 as U.S. Military Strikes Hit Iran’s Kharg Island Facilities

TLDR American military forces eliminated all defense installations on Kharg Island, Iran’s primary oil export facility responsible for approximately 90% of the nation’s crude shipments President Trump deliberately avoided targeting petroleum infrastructure but issued warnings that terminals face destruction if Iran continues Hormuz blockade Brent crude surged past the $100 threshold in the aftermath of the military operation Vessel traffic navigating the Strait of Hormuz has plummeted from 84 daily transits to under 10 ships Operation Epic Fury has claimed the lives of 13 American military personnel; Saudi-based refueling aircraft sustained damage in retaliatory action In a Friday announcement, President Trump confirmed that American military forces successfully neutralized all defense positions stationed on Kharg Island, Iran’s critical petroleum export terminal. What just happened to Iran's Kharg Island? President Trump just said the US has carried out the "most powerful bombing raids in Middle East history" on Kharg island. This is a MAJOR escalation for oil markets. Here's why: Kharg Island has been described as the "crown jewel" of… pic.twitter.com/soh1ceNwix — The Kobeissi Letter (@KobeissiLetter) March 13, 2026 The President utilized his Truth Social platform to disclose that U.S. Central Command executed the operation specifically to eliminate Iranian military defenses protecting the strategic island. In his statement, Trump emphasized his decision to preserve the petroleum facilities “for reasons of decency,” while simultaneously cautioning that such restraint hinges on Tehran permitting unobstructed maritime navigation through the Strait of Hormuz. Tehran issued a swift response, declaring that any assault on its energy sector would trigger immediate retaliatory destruction of energy infrastructure belonging to nations providing assistance to Washington. Vice President JD Vance revealed that Mojtaba Khamenei, Iran’s newly appointed supreme leader, susta...