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Kharg Island Strikes
The United States bombed Iran's Kharg Island for a second time in less than a month.
“The strikes did not target oil facilities, according to one US official”
The strikes targeted military bunkers and storage facilities but avoided oil infrastructure.
Iranian damage assessments found most of the island's infrastructure intact.
Trump threatened to obliterate power plants if Iran did not comply.
Strategic Importance
Kharg Island handles roughly 90% of Iran's crude oil exports.
A 1984 CIA document described it as the most vital in Iran’s oil system.
Iran has alternatives but none can handle Kharg's volume.
Oil revenues remain a central source of government income.
Global Energy Impact
The Strait of Hormuz carries roughly 20 million barrels of oil a day.
The conflict has sent oil and gas prices surging worldwide.
Trump-linked stock ETFs jumped more than 20% after the strikes.
Diplomacy and Waivers
Trump granted a two-week extension for diplomacy 90 minutes before his deadline.
They agreed to suspend bombing conditional on reopening the strait.
Trump authorized emergency waivers for key foreign partners.