surged<\/a> immediately, with US crude jumping over 3% to nearly $116 per barrel and Brent crossing $110.<\/p>\nVP JD Vance confirmed the strikes during a press conference with Hungarian Prime Minister Viktor Orb\u00e1n in Budapest, characterizing them as \u201cre-strikes\u201d on previously targeted sites. \u201cI don\u2019t think the news about Kharg Island changes anything,\u201d Vance said, insisting the attacks did not touch oil infrastructure and did not alter the president\u2019s strategy ahead of the evening deadline.<\/p>\n
Why Kharg Island Is the Nerve Center of Iran\u2019s War Economy<\/h1>\n
Kharg Island handles roughly 90% of Iran\u2019s crude oil exports and carries a loading capacity of about 7 million barrels per day, making it the primary financial lifeline of Tehran\u2019s war-era economy. Iran earns an estimated $53 billion in net oil export revenues annually, about 11% of its GDP, almost entirely flowing through the island\u2019s pipelines and terminals.<\/p>\n
<\/p>\n
The US has now struck the island twice since the war began February 28. The first attack in mid-March destroyed naval mine storage facilities, missile bunkers, and air defense systems while preserving oil infrastructure. Tuesday\u2019s strikes hit some of the same sites, according to a US official, again stopping short of targeting the oil terminal itself. Whether that restraint holds after 8 PM is the question driving markets.<\/p>\n
What an Oil Infrastructure Strike Would Mean<\/h2>\n
Analysts have warned that striking Kharg\u2019s oil terminal would have immediate and lasting consequences. \u201cA direct hit on Iran\u2019s export terminal would instantly shut down most of its 1.5 million barrels per day crude exports,\u201d JPMorgan data cited by CNBC showed. \u201cDestruction of its oil infrastructure would take years to rebuild, leaving the country deprived of its most critical source of revenue,\u201d Vandana Hari of Vanda Insights told CNBC.<\/p>\n
Iran has already telegraphed its response. The IRGC warned Tuesday that it would \u201cdeprive the US and its allies of the region\u2019s oil and gas for years\u201d if the civilian infrastructure strikes go forward. It also signaled that restraint toward Gulf Arab states hosting US military assets is now over, saying \u201call such considerations have been lifted\u201d \u2014 a direct threat to regional energy facilities in Saudi Arabia, Kuwait, and the UAE.<\/p>\n
Bitcoin and Crypto Markets Under Fresh Pressure<\/h2>\n
As crypto.news reported, each round of escalation in this conflict has pushed oil higher and Bitcoin lower, with the Strait of Hormuz closure already keeping crude above $100 for weeks and compressing Federal Reserve flexibility on rate cuts. Crypto.news also noted that major cryptocurrencies have dropped 3 to 5% during prior escalation phases, as higher oil prices feed directly into inflation expectations and reduce appetite for risk assets.<\/p>\n
Tonight\u2019s 8 PM deadline, and what follows it, will determine the next major move for both energy and crypto markets.<\/p>\n
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