Global oil prices surged after reports of US strikes on Iran’s Kharg Island, a critical export hub handling nearly 90% of the country’s crude shipments. US crude (WTI) rose over 3% to around $116 per barrel, while Brent crossed $110.
A US official confirmed the strikes, stating that more than 50 military targets were hit, though oil infrastructure was not directly targeted, reported the Wall Street Journal.
The escalation comes just hours before US President Donald Trump’s deadline for Iran to reopen the Strait of Hormuz by 8 p.m. ET (5:30 a.m. IST) today.
Markets reacted sharply. US stock futures slipped, with S&P 500 futures down over 0.5%, amid fears of supply disruptions and rising geopolitical uncertainty.
Tensions intensified further after Trump warned on Truth Social that “the whole civilisation will die tonight”. Separately, reports of potential Iranian missile strikes on Saudi targets have raised concerns of a broader regional conflict, threatening to derail ongoing negotiations.
