HIGHECONOMICVERIFIED
US oil price jumps over 2% after strikes on Iran's key Kharg Island export terminal
·Global markets
US oil prices surged more than 2% following confirmed strikes on Iran's Kharg Island crude oil export terminal on April 7. The Kharg Island facility handles the majority of Iran's oil exports. The IRGC had warned that 'restraint is over' following the strikes.
Global oil markets reacted sharply to confirmed US strikes on Iran's Kharg Island crude oil export terminal, the country's largest and most critical energy infrastructure node. US oil prices jumped more than 2% in early trading. The Kharg Island terminal processes the majority of Iran's approximately 2.5 million barrels per day of oil exports. The IRGC warned after the strikes that 'restraint is over' and threatened years of regional oil and gas disruption. Markets are now pricing in a sustained Hormuz disruption scenario.
oil priceKharg Islandmarket impactenergy2%
Actor responses
IDF participated in strikes on Kharg Island export terminal that triggered the 2% oil price spike.
Sources