US Bombs Kharg Island — Iran's Main Oil Export Terminal Struck for First Time

US forces bombed Kharg Island in the Persian Gulf, the hub through which approximately 90% of Iran's crude oil exports transit. The strike on Kharg Island represents a dramatic escalation, directly targeting Iran's primary source of hard currency. Al Jazeera reported the strike via its live blog as the Pentagon simultaneously vowed to 'ramp up' the military campaign against Iran. Iran has warned that any direct attack on Kharg Island could push oil prices to $200/barrel. The IEA's record 400M barrel reserve release has thus far been insufficient to offset Hormuz disruption; the Kharg strike adds pressure on global supply from the export side as well.