The US said late on Friday that it had struck military sites on Kharg Island, which handles the bulk of Iran's oil shipments, although the Fars News Agency reported that exports from the island were continuing. Oil loading at Fujairah was suspended and damage was being assessed, according to people familiar with the latest incident. That followed a drone strike at the site on Saturday, which interrupted shipments from the country's only viable oil export route. After the attack on Kharg, it "looks like the market is pricing disruption rather than a full supply shock," he added. The drawn-out conflict is taking a toll on energy consumers, prompting China's biggest oil refiner to trim run rates although officials said Beijing's robust energy supply can cushion external shocks despite oil price volatility.

Source: Irish Independent March 16, 2026 13:31 UTC