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Oil Erases Gains as Traders Gauge Supply Impact of Kharg Attack

Charlie Zhu, Sarah Chen, Yongchang Chin
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Oil prices erased early gains after Iran confirmed crude exports continued from Kharg Island, its primary export hub, despite a U.S. military strike on nearby facilities. The attack had initially spiked Brent crude by 3.3%. Brent crude stabilized near $103 per barrel, while West Texas Intermediate hovered around $98, following a 40% surge over two weeks amid escalating Middle East tensions. Iran retaliated against Israel and Arab states after the U.S. targeted Kharg Island, a critical chokepoint for its oil shipments, raising fears of broader supply disruptions. President Trump pressured allies to reopen the Strait of Hormuz, a vital shipping lane handling 20% of global oil trade, as regional instability threatened energy markets. The volatile trading reflects uncertainty over supply risks, with traders weighing geopolitical moves against Iran’s claims of uninterrupted oil flows.
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Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the worldAmericas+1 212 318 2000EMEA+44 20 7330 7500Asia Pacific+65 6212 1000Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the worldAmericas+1 212 318 2000EMEA+44 20 7330 7500Asia Pacific+65 6212 1000War With Iran:Storage tanks at a refinery in Houston, Texas.Oil fluctuated after Iran said crude flows were continuing from its main export hub following a US attack on military facilities, and as President Donald Trump raised pressure on nations to help reopen the Strait of Hormuz.Brent traded around $103 a barrel — after earlier adding as much as 3.3% — while West Texas Intermediate was near $98. Futures had risen more than 40% in the past two weeks.

The Islamic Republic carried out retaliatory attacks on Israel and Arab states after the US struck military sites on Kharg Island, which handles the bulk of Iran’s oil shipments.

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Source: Bloomberg Markets

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