Kharg Attack Fuels Market Turmoil, Setting Stage for Volatile Oil Week

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Kharg Attack Ignites Oil Market Turmoil; Global Supply Risks Soar

The oil market has been been pitched into turmoil by US and Israeli attacks against Iran at the end of last month, a conflict that is hitting energy production and exports

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Moneycontrol•15-03-2026, 18:38

Kharg Attack Ignites Oil Market Turmoil; Global Supply Risks Soar

•US attack on Iran’s Kharg Island escalates Middle East conflict, threatening global oil supply and energy flows.
•President Donald Trump warns of further strikes on energy infrastructure if Strait of Hormuz transit is blocked; Iran vows retaliation.
•Drone strike temporarily halted loading operations at UAE’s Fujairah hub; Brent crude rallied 11% last week.
•Strait of Hormuz traffic remains near-standstill; Trump calls for international naval escort, but US Navy isn't ready until month-end.
•Disruptions ripple globally: India rations gas, jet-fuel costs soar, Saudi Arabia diverts oil via Red Sea pipeline.

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