Global oil prices were edging toward $120 per barrel on Saturday, driven by Iran’s sustained closure of the Strait of Hormuz and the ongoing destruction of oil infrastructure around the Gulf region. The strait, which handles around 20 percent of global daily oil and gas shipments, had been blocked by Iran since the war erupted on February 28. Combined with US strikes on Kharg Island — Iran’s main crude export hub — and Iranian missile attacks on the UAE’s Fujairah oil port, the conflict was inflicting serious and potentially lasting damage on global energy supply chains.
Energy analysts warned that oil could climb from $120 toward $150 per barrel if Kharg Island’s export capacity were fully destroyed. At that level, the impact on oil-importing nations would be severe, potentially triggering inflation surges and economic recessions in vulnerable economies. Trump had held back from ordering the full destruction of Iran’s oil infrastructure but warned explicitly that continued Iranian interference with the Hormuz strait could change that calculation. He called on allied nations to send warships to help reopen the passage.
The US continued its air campaign against Iran on Saturday, striking Kharg Island for the second consecutive day. Trump said in public remarks the island had been effectively demolished and left open the door to further strikes. Iran struck back by launching ballistic missiles at Fujairah in the UAE, suspending oil-loading operations and sending thick smoke into the sky over the emirate. Iranian commanders threatened to attack any Gulf energy or economic facility with American ties, widening the potential scope of disruption to global energy supply even further.
Israel maintained an intensive air campaign against Iran, conducting dozens of raids aimed at destroying missile infrastructure and weakening security forces. At least 15 people were killed in an Israeli strike on a factory in Isfahan. Iran continued firing rockets at Israel in response. Trump called on China, France, Japan, South Korea, and the UK to contribute warships to a coalition effort to force the Strait of Hormuz open. Analysts noted this was the first public admission by Trump that the US might need international help to reopen the waterway.
The human cost of the conflict was enormous. Between 1,400 and 1,800 Iranians had reportedly been killed in the sustained bombing. Thirteen Israelis and roughly 20 Gulf residents had also died. Lebanon’s crisis continued to worsen, with over 800 killed and 850,000 displaced from Israeli operations against Hezbollah. The US embassy in Baghdad was struck by missiles overnight, and Americans throughout Iraq were ordered to leave immediately. Six US service members died in a military aircraft crash in western Iraq. Analysts urged world leaders to recognise that the conflict’s economic consequences were now threatening to outrun its military objectives.