Iran Oil Hub Strike Raises Risk of Further Disruptions to Supply

Bloomberg.com · last updated March 13, 2026 – 8:31 PM

The first major attack on an island that exports the bulk of Iran’s oil threatens the lifeblood of the Islamic Republic, as well as global supplies in a market already rocked by the two-week-old conflict in the Middle East.

The US bombed military targets on Kharg Island in the Persian Gulf, but spared oil infrastructure for now, President Donald Trump said in a post on his Truth Social account. He warned Iran’s leaders that he would immediately reconsider that decision if they interfered with ships transiting the Strait of Hormuz.

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