US strikes on Iran’s Kharg Island push oil prices higher, weigh on global markets
Published on 07/04/2026 06:47 PM
US strikes on Iran’s Kharg Island push oil prices higher, weigh on global marketsOil prices jump as US strikes over 50 targets on Irans Kharg Island, WTI tops $115 dollars, Brent over $110, markets fall amid Hormuz deadline and wider war fearsBy Bhupendra Paintola April 7, 2026, 6:47:58 PM IST (Updated)1 Min ReadGlobal oil prices surged after reports of US strikes on Iran’s Kharg Island, a critical export hub handling nearly 90% of the country’s crude shipments. US crude (WTI) rose around 3% to over $115 per barrel, while Brent crossed $110.A US official confirmed the strikes, stating that more than 50 military targets were hit, though oil infrastructure was not directly targeted, reported the Wall Street Journal.The escalation comes just hours before US President Donald Trump’s deadline for Iran to reopen the Strait of Hormuz by 8 p.m. ET (5:30 a.m. IST) today.Markets reacted sharply. US stock futures slipped, with S&P 500 futures down over 0.5%, amid fears of supply disruptions and rising geopolitical uncertainty. Besides this, Nasdaq futures and Dow Jones futures were also 0.5% and 0.2% lower, respectively.Tensions intensified further after Trump warned on Truth Social that “the whole civilisation will die tonight”. Separately, reports of potential Iranian missile strikes on Saudi targets have raised concerns of a broader regional conflict, threatening to derail ongoing negotiations.Continue ReadingFirst Published: Apr 7, 2026 6:25 PM ISTTagsair strikeBrent Crude Oil PricesUS Iran warUS West Texas Intermediate WTI