Watch: Why Iran’s tiny Kharg Island could shape the course of the Iran-Israel-U.S. war

Kharg Island, a small but critical location for Iran's oil exports, has become a focal point in the ongoing conflict involving Iran, Israel, and the United States. Most of Iran's crude shipments pass through the island's terminals, making it essential for the country's economy. Recent military actions have heightened tensions in the region, particularly following U.S. airstrikes on military sites on Kharg Island. According to Iranian media, these strikes did not damage oil facilities, focusing instead on military targets (France24). Iran has conducted strikes on energy sites across the Gulf, raising concerns about global energy supplies and potential economic repercussions. The situation is further complicated by Iran's control over the Strait of Hormuz, a vital waterway for oil transportation, which has been temporarily closed amid indirect talks with the United States. This closure has contributed to a surge in oil prices, with Brent crude rising over 14% to exceed $82 per barrel, the highest level since January 2025 (Euronews). The conflict has prompted the International Energy Agency (IEA) to announce a record release of 400 million barrels of emergency oil reserves to address the rising prices linked to the conflict. Several countries, including Germany, Japan, and France, are also planning to release portions of their oil reserves. Iranian drones have attacked Saudi Arabia’s Ras Tanura refinery, further escalating fears of a global oil shock (France24). In response to the escalating tensions, Iranian President Masoud Pezeshkian has expressed regret to neighboring countries, indicating a temporary leadership council's decision to suspend attacks unless provoked. Gulf states have urged Iran to refrain from retaliatory actions, while the U.S. and Israel have been warned against utilizing their airspace for attacks against Iran. The international community is closely monitoring the implications of the conflict on global oil markets and security (Euronews, France24).