Middle East Crisis Oil Market

Trump: Military Targets on Iranian Oil Island Destroyed

The US has attacked the Iranian island of Kharg, writes President Donald Trump in a post on Truth Social, according to Reuters. According to the president, every military target on the island has been “completely destroyed”.

“I have chosen not to wipe out the island’s oil infrastructure”, Trump further writes in the post.

However, he adds that if Iran or any other party were to do anything to prevent the free and safe passage through the Strait of Hormuz, he will immediately change his mind.

In another post, Trump claims that Iran is “totally defeated” and wants a deal that he does not accept, without elaborating further.

Iran, in turn, threatens to attack oil infrastructure belonging to companies that the US cooperates with if the country’s own corresponding infrastructure is attacked, writes TT, citing Iranian media.

Kharg has been described as one of Iran's most economically sensitive targets, as more than 90 percent of Iran's oil is exported from the island's port. An attack would likely send the already rising oil price soaring, analysts say.

Sources: Trump Expected Quick Victory and Open Strait

Trump was repeatedly informed that Iran would likely close the Strait of Hormuz in response to US attacks on the country, but he chose to go ahead with the attacks anyway, multiple sources told the Wall Street Journal.

The information is consistent with CNN's report on Friday that the White House did not believe Iran was willing to close the strait. WSJ sources say Trump was convinced that a quick victory could be achieved, that the Iranian regime would fall before it could close the strait and that the US military could handle the situation if the strait was closed anyway.

Just over two weeks into the war, the strait is more or less closed, Iranian leaders do not seem to be giving in and oil prices are skyrocketing. WSJ writes that the strait, which is of great importance for oil trade, is Iran's most important strategic advantage in the war with the US and Israel.

White House officials have said in recent days that they anticipated the price increases for oil.