US attack on Kharg Island marks new escalation in war, could send oil prices soaring
Kharg is where pipelines from Iran’s oil fields in the middle and the west of the country terminate. Set up by a US oil conglomerate, American Oil Company or Amoco, it was seized by Iran during the 1979 revolution
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Kharg Island is arguably Iran’s most sensitive economic target. The reason why this export terminal has remained untouched throughout the devastating US-Israel attacks is that bombing the site
would likely trigger a sustained increase to already surging oil prices, as it would amount to neutralising almost all of Iran’s daily crude exports.
With this attack now happening, the chances are that crude could move towards the $150 per barrel mark.[/quote]
https://indianexpress.com/article/explained/explained-economics/kharg-us-israel-iran-strait-hormuz-10581076/