Energy Markets and Oil Prices

The U.S. bombed military sites on Kharg Island — Iran’s primary oil‑export terminal that handles roughly 80–90% of Tehran’s crude shipments — a strike President Trump said “totally obliterated” military targets while explicitly sparing oil facilities but warning he could hit them if Iran or others interfere with shipping through the Strait of Hormuz. The attacks and Iran’s effective closure of Hormuz have pushed global fuel prices higher (AAA: national regular gasoline about $3.70/gal and diesel $4.97/gal as of March 16; Argus jet fuel about $3.88/gal), prompted U.S. deployments of thousands of additional Marines and warships, and drawn Iranian threats to retaliate against U.S.‑linked energy and economic infrastructure across the region.