Khark Island is the oil heart of Iran. An American attack would only complicate the situation
As described by CNBC, the economic importance of the island is enormous. Its oil terminals have the capacity to load nearly 7 million barrels of oil per day, which makes it one of the most important points on the map of the global energy market.
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Location of Khark Island
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Google Maps (screenshot)
However, in the face of current tensions, experts warn that any attempt to take over the island could cause serious turmoil in oil markets, where prices have already exceeded $100. per barrel.
Oil production in the world
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PAP/Michał Czernek / PAP/photos
Complex military and economic situation
Petras Katinas, an energy and defense analyst from the London think-tank RUSI, notes in an interview with CNBC that the takeover of the island of Khark by American forces would require a land operation, something the current U.S. administration does not appear ready for.
Katinas emphasizes that such a step could cut off Iran from a key source of income, but at the same time it would involve a huge risk of escalation of the conflict.
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Airstrikes carried out by American and Israeli forces last weekend on Iranian fuel installations, including oil storage facilities, have already influenced global prices of the commodity, pushing them to over $100. per barrel.
The Strait of Hormuz and global consequences
Closing the Strait of Hormuz, through which approximately 20 percent of global oil and gas, further deepening the energy crisis. Ship traffic in this key sea lane has almost come to a halt since the conflict began. Experts warn that further military actions in the region may further complicate the situation on the energy market.
According to Tamas Varga, an oil market analyst at the PVM brokerage, the takeover of Khark Island could suggest the resumption of Iranian oil exports under US supervision, but the island would remain vulnerable to drone attacks from Iranian territory. “The eventual occupation of the island by the United States would further complicate an already complex situation,” Varga notes.
