U.S.-Israel War With Iran: Oil Tops $100, Kharg Island Struck, and New Supreme Leader Breaks Silence — Day 14

The U.S.-Israel military campaign against Iran showed no signs of slowing on Saturday as the conflict entered its 14th day, bringing fresh airstrikes, surging energy prices, and a first public statement from Iran’s newly appointed supreme leader — all while global markets rattled and diplomatic pressure mounted on Washington.

Trump Strikes Kharg Island — Then Pulls Back

In one of the most consequential moves of the conflict, President Trump announced that U.S. forces had struck military targets on Kharg Island, Iran’s primary oil export terminal, responsible for roughly 90% of the country’s crude exports.

In a post on Truth Social, Trump stated he chose not to destroy the island’s oil infrastructure “for reasons of decency,” but warned that if Iran or anyone else interferes with shipping through the Strait of Hormuz, he would “immediately reconsider” that decision.

The strike represents a dramatic escalation. For the first two weeks of the conflict, Kharg Island had gone conspicuously untouched despite its economic significance — analysts had warned that any assault on it risked major escalation.

Oil Soars, Markets Reel

U.S. crude oil has surged more than 47% since the war began, while year-to-date gains top 70%. U.S. oil came close to breaching $100 per barrel, and international Brent crude climbed to nearly $104 per barrel.

Stock markets tumbled as oil and gas prices soared on fears about Middle Eastern supply disruptions, with crude reaching its highest level since Russia’s invasion of Ukraine in 2022.

The White House said it was in “constant coordination with the relevant agencies” on stabilizing energy markets, calling it a “top priority” for the president. Energy Secretary Chris Wright acknowledged that elevated prices would persist, but said the disruption would be temporary.

In a bid to relieve pressure, the Trump administration eased sanctions on Russian oil — a move that drew sharp criticism from Ukraine and European allies.

Iran’s New Supreme Leader Vows to Fight On

Iran’s newly appointed supreme leader, Mojtaba Khamenei — who succeeded his father, Ali Khamenei, killed in the opening strikes of the war on February 28 — issued his first public statement, warning that attacks on Israel and U.S. military assets in the Middle East will continue unless all American military bases in the region are closed. He did not appear in person.

Defense Secretary Pete Hegseth said he believes Khamenei is wounded, stating the new leader is “wounded and likely disfigured.”

The State Department separately announced a $10 million reward for information on top figures in Iran’s government, including Khamenei himself, with tipsters potentially eligible for relocation alongside the cash payment.

Strait of Hormuz Crisis Deepens

At least 16 oil tankers, cargo ships, and other vessels have been attacked in and around the Strait of Hormuz, the Arabian Gulf, and the Gulf of Oman since the war began, according to the UK’s maritime agency.

Iran is reportedly considering allowing a limited number of oil tankers through the strait — but only if the cargo is traded in Chinese yuan rather than U.S. dollars, a senior Iranian official told CNN.

About one-fifth of global oil supplies and one-third of global fertilizers pass through the vital waterway. Trump urged tanker crews to “show some guts” and said U.S. Navy escorts through the strait would happen “soon.”

The Human Cost

U.S. and Israeli strikes have killed at least 1,300 people in Iran, according to the Iranian ambassador to the United Nations, though other sources report significantly higher figures — the U.S.-based Human Rights Activists News Agency estimates at least 1,858 deaths.

In Lebanon, at least 773 people have been killed since Israel began strikes there, including 103 children.

All six crew members aboard a U.S. Air Force refueling aircraft were also killed when it crashed in western Iraq. The U.S. military said the incident was not caused by hostile or friendly fire.

In a separate incident, a French soldier was killed by an Iranian drone in Iraq’s semi-autonomous Kurdish region — the first French casualty of the war.

Troop Surge and Congressional Scrutiny

Approximately 5,000 additional Marines and sailors are deploying to the Middle East to support ongoing operations.

Domestically, more than 250 U.S. organizations have signed a letter calling on Congress to halt funding for the war, arguing the $11.3 billion spent in the first six days is diverting crucial funds from domestic needs such as food benefits. A key Senate committee chairman is planning to hold a public oversight hearing with top Defense Department officials.

When asked how long the war would last, Trump told reporters Friday he would know it was over “when I feel it in my bones.”