President Trump said the U.S. has carried out a bombing raid on Iran’s Kharg Island, a vital island in the Persian Gulf, responsible for roughly 90 percent of the country’s crude oil exports.
"Moments ago, at my direction, the United States Central Command executed one of the most powerful bombing raids in the history of the Middle East and totally obliterated every MILITARY target in Iran’s crown jewel, Kharg Island," Trump wrote on Truth Social.
The island, located roughly 35 miles off Iran’s Bushehr province in the country’s southwest, is about the size of New York City’s Central Park but carries huge importance for Iran’s economy.
Most of the exports are shipped to China and India- underscoring the importance of the island not only for Iran, but for several global markets.
"Our Weapons are the most powerful and sophisticated that the World has ever known but, for reasons of decency, I have chosen NOT to wipe out the Oil Infrastructure on the Island. 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," Trump added.
The Strait of Hormuz has become a heightened level of concern, as it carries roughly 20 million barrels of oil a day and about one-fifth of the global supply of liquefied natural gas (LNG). When conflict flares in the region, even the threat of disruption can rattle markets because so much of the world’s energy moves through that single corridor.
The threat of the Strait being closed has rippled through the global oil industry, causing gas prices to increase and fluctuate affecting the US trade markets.