Geopolitical tensions escalate oil markets as Trump announces major military action. The US has heavily bombed Iran's Kharg Island, a critical oil export hub handling nearly all of Tehran's crude shipments. Trump stated military targets were "totally obliterated" while deliberately avoiding oil infrastructure for now. However, he warned Iran that any interference with ship passage through the Strait of Hormuz would prompt immediate reconsideration of this restraint. The US Navy will soon begin escorting tankers through this vital waterway, where roughly one-fifth of global crude oil and liquefied natural gas typically transit. Iranian drone and missile attacks have already disrupted maritime traffic significantly. Oil prices are spiking amid the escalating conflict, with broader implications for global energy markets and economic stability worldwide.
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