Iran Dismisses Trump Claim of Kharg Attack as Hostilities Return
Iranian officials have refuted social media claims made by Donald Trump regarding an attack on the country's primary oil export terminal while regional military strikes resume.

According to OilPrice.com, the National Iranian Oil Company has denied claims that Kharg Island, a critical energy hub in the northern Persian Gulf, was destroyed. The government agency dismissed a social media post by U.S. President Donald Trump that included an AI-generated video depicting the island being attacked. Hamid Bovard, the company's chief executive, described the assertions as "laughable" and maintained that operations at the terminal remain stable.
Kharg Island is responsible for approximately 90% of Iran's total petroleum exports. While the social media report claimed the site was being bombed, observers noted that there was no physical evidence of damage or military action at the facility as of Monday. The escalation in rhetoric coincided with a recent increase in actual military hostilities between U.S. forces and Iranian-backed groups following a period of relative calm.
U.S. Central Command confirmed strikes against Iranian rocket launchers situated on Larak Island, citing concerns that the hardware was being prepared for mining operations in the Strait of Hormuz. In response, the Islamic Revolutionary Guard Corps reported casualties and launched retaliatory strikes against U.S. military installations in Jordan. The Iranian Foreign Ministry stated it would continue to exercise its right to self-defense against any external aggression.
The renewal of conflict in these strategic maritime corridors impacted global energy markets, leading to an immediate rise in oil prices during Asian trading sessions. These events mark the first direct exchange of fire between the two nations in over a month, disrupting the temporary lull in regional violence. Despite the verified strikes elsewhere, the vital infrastructure at Kharg Island remains reportedly unaffected by the recent hostilities.
Helena Marsh — Energy Markets Editor. Helena covers crude, refined products and the trading houses that move them, with a focus on price formation in the Mediterranean and Black Sea.
Related coverage
Brent Hits $114 as Houthi Attacks Threaten Saudi Energy Infrastructure
Crude oil prices were on course to book a sharp weekly gain, with Brent crude on track for gains of about $6 per barrel and WTI registering a much more modest tick higher, from around $99 per barrel on Monday to over $100 earlier today. At the time of writing, Brent crude was trading at $114.00 per barrel, and West Texas Intermediate was changing hands for $100.40 per barrel, as hostilities in the Middle East remain front-page news for oil traders. The focus, however, seems to be on Houthi attacks on Saudi infrastructure, including Aramco facilities.…

Why Trump Can't Afford to Lose The Rare Earth Race
For years, the West has searched for a technological escape hatch from rare earths. Engineers have developed new motor designs, alternative magnet chemistries, and materials that reduce or even eliminate the need for some critical minerals. Every time China tightens export controls, those efforts receive another burst of attention. They're worth pursuing. But they don't answer the question manufacturers have to solve today. Production capacity has become the number one scarce asset. That realization is driving one of the most ambitious industrial…

Middle East Chemicals Keep Their Cost Edge Despite Hormuz Crisis
Despite the Iran war and the Hormuz crisis, the Middle East’s low-cost chemicals production is set to retain its long-term advantage over other regions. Near-term shifts in the sourcing of polymers are taking place due to the current constraints in the Persian Gulf’s industrial base, benefiting U.S. chemicals companies. But in the long run, the Middle East is likely to retain its buyers’ base because it still has the two levers to be competitive on the global market—an extensive production base and, most of all, low-cost…
