Trump Reportedly Says Option Of Targeting Iran’s Kharg Island Oil Infrastructure Still Possible To Keep Strait Of Hormuz Open

On Friday, Trump announced that the U.S. had targeted military sites on Iran’s important export hub but had avoided striking its oil assets.

• According to a report from Bloomberg, Trump said at the White House that an attack on Kharg Island could happen within five minutes of notice, if required.
• He warned that the decision would be reconsidered if Iran’s leadership did not allow ships through the Strait of Hormuz.
• Commenting on Iran’s mine-laying ships, Trump said that the US had destroyed them, and that would help with reopening the Strait of Hormuz.

U.S. President Donald Trump reportedly said on Monday that the country would consider striking Kharg Island’s oil infrastructure in Iran as a follow-up to prior military attacks on the site.

According to a report from Bloomberg, Trump said at the White House that the attack could happen within five minutes of notice, but the U.S. had refrained from doing so “for purposes of someday rebuilding that country.”

On Friday, Trump announced that the U.S. had targeted military sites on Iran’s important export hub but had avoided striking its oil assets. He had warned that the decision would be reconsidered if the country’s leadership did not allow ships through the Strait of Hormuz.

“I guess we did the right thing, but it may not stay that way,” Trump said on Monday.

The Oil Crisis

While the important shipping route, which supports about a fifth of the world’s energy transit, has been blocked off since the start of the U.S.-Israel-Iran war, Trump said on Monday that “I think we’ll get it going very soon.”

Oil prices have rocketed since the start of the war, breaching $100-levels to reach the highest level in almost three years. On Monday, prices fell after Trump called on other countries to help passage of ships through the strait.

U.S. West Texas Intermediate (WTI) crude futures maturing in April were down more than 4% on Monday, trading at $94.38 per barrel at the time of writing. ICE Brent crude futures expiring in May were down about 2%, trading at $101.06 per barrel.

The United States Oil Fund (USO) was 3.4% lower at the time of writing.

Trump Says Support Incoming 

The president reiterated at the White House event that “numerous countries” were on their way to help at the strait, with some that are “very enthusiastic about it, and some aren’t.”

Commenting on Iran’s mine-laying ships, Trump said that the US had destroyed them, and that would help with reopening the Strait of Hormuz.

Meanwhile, U.S. equities were trading in green on Monday. The SPDR S&P 500 ETF (SPY), which tracks the S&P 500 index, was up 1.13% at the time of writing, while the Invesco QQQ Trust ETF (QQQ) climbed 1.3% higher.

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