Iran Oil

President Donald Trump announced US forces 'obliterated' military targets on Iran's Kharg Island, primary terminal for oil exports, prompting threats of escalated retaliation from Iran's Parliament speaker. Iranian media reported 15 explosions targeting air defenses, naval bases, and airport facilities with no oil damage confirmed. The strikes occur as Iran has halted shipping through the Strait of Hormuz, disrupting a fifth of global traded oil. Trump warned of further action against Iran's oil assets if disruptions continue.[4][1]

‘Stopgap measure’ designed to keep oil flowing into global market as Middle East crisis disrupts crude shipmentsBusiness live – latest updatesThe US has temporarily allowed India to buy Russian oil currently stuck at sea in an effort to keep global supplies flowing and temper further price increases.The US treasury has issued a 30-day waiver allowing India to buy Russian oil, having previously imposed heavy sanctions related to the war in Ukraine. Continue reading...

President says forces ‘obliterated’ military targets on Kharg Island and warned its oil infrastructure could be nextMiddle East crisis – live updatesDonald Trump said Friday that US forces have “obliterated” military targets on Iran’s Kharg Island and warned that the oil infrastructure there could be next.“For reasons of decency, I have chosen NOT to wipe out the Oil Infrastructure on the Island,” Trump wrote on social media. “However, should Iran, or anyone else, do anything to interfere with the Free and Safe Passage of Ships through the Strait of Hormuz, I will immediately reconsider this decision.” Continue reading...

Iranian military said in a statement that oil and energy infrastructure belonging to firms that cooperated with the US would ‘immediately be destroyed’How have you been affected by the latest Middle East events?Saudi Arabia’s defence ministry is saying that two drones have been intercepted and destroyed in the eastern region.More now after reports of explosions in Dubai on Friday morning: thick black smoke rose over the financial hub’s skyline after what authorities described as a fire in an industrial area of the city-state. Continue reading...

The Nasdaq Composite dropped 1.78% to 22,111 on March 13, 2026, as surging oil prices and fears of Iran war fueled broad risk-off selling across US markets. The Dow fell 1.56% to 46,777, with the S&P 500 down 3% for March, turning yearly performance negative amid worries over global oil supply disruptions. Markets hoped for a Persian Gulf ceasefire that failed to materialize, shifting sentiment to defensive. This Friday's action highlights unique dangers from combined geopolitical and energy shocks.

The United States and Israel have conducted the largest attacks yet against Iran on the 14th day of the conflict, hitting approximately 15,000 targets since the war began.[2] President Donald Trump announced that American forces executed "one of the most powerful bombing raids in the History of the Middle East," destroying military targets on Kharg Island in the Persian Gulf, while threatening to target Iranian oil infrastructure if Tehran continues blocking energy flows.[2] Trump stated the U.S. would continue its campaign "as long as necessary" and indicated the Navy would begin escorting ships through the Strait of Hormuz "very soon," signaling further escalation of the two-week regional conflict.[2] The joint international decision to release record oil reserves this week appeared to have minimal impact on crude prices, while the U.S. simultaneously moved to ease Russian oil sanctions over a 30-day period to alleviate rapidly rising energy costs.[1]

President Donald Trump announced that US forces obliterated military targets on Iran's Kharg Island, a key oil export terminal, on March 13, 2026, with Iranian media reporting 15 explosions targeting air defenses, naval bases, and airport facilities but sparing oil infrastructure. Trump warned that Iran's oil infrastructure could be next if retaliation escalates, as the two-week war shows no signs of ending amid ongoing missile and drone attacks on Israel and Gulf states. The strikes heighten global energy risks since Iran has closed the Strait of Hormuz, through which 20% of world oil passes, potentially driving prices higher despite recent reserve releases. US officials are deploying 2,500 more Marines and an amphibious ship to the Middle East to bolster forces.