The Trump administration escalated economic pressure on Iran in a bid to end the conflict, with US forces launching strikes on Tuesday against targets near the Iranian oil export hub of Kharg Island and the port city of Jask. Senior American officials said the strikes included Iranian oil tankers as part of a broader campaign aimed at forcing Tehran to capitulate.

Brent crude settled near $98 per barrel that day but continued to climb following reports of explosions on Kharg Island. Located roughly 24 kilometers off Iran's coast, Kharg Island serves as the primary loading point for approximately 90% of the country's crude exports, making it a critical node in the nation's energy infrastructure.

Previous US airstrikes had largely focused on military targets on the island while deliberately avoiding energy infrastructure. However, Trump has now threatened to strike oil facilities directly, signaling a significant escalation in the economic dimensions of the conflict. Throughout the protracted war, both the US and Iran have been vying for control of the Strait of Hormuz, a strategic waterway that carried one-fifth of the global oil supply before hostilities began.

Since the US and Israel launched the war in February, the strait has remained largely closed, with the ensuing stalemate driving energy prices sharply higher across global markets. The latest strikes mark a further tightening of economic pressure as Washington seeks to break the deadlock and force a decisive outcome.