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The U.S. strikes on Kharg Island and Trump's threat to hit Iran's oil infrastructure mark a major escalation in the war, according to JPMorgan.
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Asia-Pacific markets were mixed as investors continued to monitor elevated oil prices and the latest developments in the escalating U.S.-Iran conflict.
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Trump's decision to order strikes on Kharg Island has pushed one of the world's most critical oil hubs into the center of the escalating U.S.-Iran conflict.
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Energy Secretary Chris Wright said the Strait of Hormuz, a critical passageway for oil shipments, remained unsafe for tankers. Iran has been firing projectiles and laying mines.
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U.S. crude oil passed $100 per barrel Sunday, continuing its surge despite efforts by the Trump administration and allied countries to slow rising prices.
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The islands off Iran have become the latest focus of the war after a U.S strike destroyed military sites on Kharg Island. The string of islands are critical to Iran's oil industry and its national security.
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