In a dramatic escalation, President Donald Trump declared that the United States military would launch "VERY HARD" strikes against Iran and threatened to seize "total control" of the nation's oil industry, including the critical Kharg Island export terminal, in the near future. Trump made these pronouncements via posts on his Truth Social platform, drawing parallels to U.S. actions in Venezuela.
The President stated that the U.S. would soon take over Iran's "oil infrastructure points" and its oil and gas markets, a move he compared to the U.S. operations in Venezuela, which he characterized as "working out brilliantly for both Venezuela and the United States of America."
Hours after the initial threats, Trump reportedly cancelled the planned airstrikes, citing ongoing discussions with Iran. This development led to a subsequent decrease in oil prices.
Kharg Island, historically responsible for approximately 90% of Iran's crude oil shipments before the recent conflict, serves as the nation's primary oil export terminal. The U.S. Navy has already significantly curtailed Iran's oil exports through a naval blockade. While the U.S. military had previously conducted strikes against military targets on Kharg Island earlier in the war, it had refrained from deploying ground troops to seize Iran's oil and gas infrastructure.
Trump later expressed uncertainty in a conversation with Fox News about whether "America has the stomach" for seizing Kharg Island, indicating that talks with Iran were ongoing. He reiterated his preference for avoiding attacks on Iran's power plants, a threat he had previously made.
The Trump administration had previously asserted control over Venezuela's oil exports following the ousting of former President Nicolás Maduro in January. Revenues from these sales were directed to a Treasury Department account, and the crude was refined on the U.S. Gulf Coast.
Trump's intensified military pressure on Iran stems from his frustration with Tehran's reluctance to agree to a deal reopening the Strait of Hormuz and abandoning its nuclear program. The recent escalation was triggered by Trump holding Iran responsible for the downing of a U.S. Apache helicopter in Hormuz.
"We dropped $250 million worth of bombs on them last night," Trump told Fox News. "You know, the whole thing is crazy, but they're really in submission. They just don't know it yet."
Iran has thus far resisted Trump's demands, maintaining its claim over the Strait of Hormuz, a crucial shipping lane that accounted for 20% of global oil supplies before the war.
