Global Daily: The Wrath of Kharg

Brent crude is bid again this morning as markets digest the dump of news over the weekend relating to the Iran war. On the bullish side for crude was the US decision to bomb Iranian military assets on Kharg Island – the Persian Gulf port where up to 90% of Iranian oil exports are typically loaded onto tankers. Announcing the strikes via Truth Social, President Trump was at pains to be clear that oil infrastructure was not targeted, but the implicit threat that it could be is an unsubtle one. Trump later said that the US may conduct further strikes on the island “just for fun”.