⚠️ US Launches Large-Scale Airstrikes on Kharg Island (WSJ)

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■ Key Developments

• US forces struck over 50 military targets on Kharg Island
• Targets limited to military facilities only
• Oil infrastructure was deliberately not targeted

👉 Military capability weakened while energy flows preserved

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■ Why Kharg Island Matters

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① Lifeline of Iran’s Economy

• Handles approximately 90% of Iran’s oil exports
• Supports the majority of national revenue

👉 If disrupted, Iran’s economy would nearly halt

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② Direct Link to Global Oil Markets

• Supply disruption would trigger sharp oil price spikes
• Immediate impact on the global economy

👉 Not a local issue — a global systemic risk

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③ Geopolitical Chokepoint

• Located near the Strait of Hormuz
• Critical hub for global energy transport

👉 Potential to disrupt entire supply chains

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■ Core Insight

• Military assets targeted
• Oil infrastructure intentionally spared

👉 This creates a situation where:

“They can shut it down anytime — but are choosing not to (yet)”

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■ Market Impact

• War-driven USD demand likely to remain supported
• Oil retains upward pressure

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⚠️ Key Inflection Point

👉 Whether Kharg Island’s oil facilities become targets

If attacked:

→ Markets could shift violently to a new phase

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■ One-Line Summary

👉 Kharg Island = the heart of Iran’s economy
👉 Current phase = “weakening around the heart, not stopping it yet”