U.S. hits military targets on Iran’s Kharg Island as war escalates

The United States has launched a series of military strikes against Iranian targets, including a critical outpost on Kharg Island in the Persian Gulf, in the latest escalation of the two-week conflict that has upended the region. President Donald Trump said American forces had "executed one of the most powerful bombing raids in the History of the Middle East," and warned Iran's leaders that he would immediately reconsider his decision not to target oil infrastructure if they interfered with ships transiting the Strait of Hormuz.

What Happened

• The US bombed military targets on Kharg Island, including a critical Iranian outpost
• President Trump threatened additional strikes targeting oil infrastructure if Iran blocks energy flows
• The US discussed trading oil futures to curb surging prices amid the conflict
• 2,500 Marines and an amphibious assault ship were deployed to the Middle East
• A federal judge quashed Justice Department subpoenas issued to the Federal Reserve

Why It Matters

The conflict has already had significant economic implications, with global crude futures surging more than 40% in the nearly two weeks since the conflict began. The US has discussed trading oil futures as a strategy to help curb surging crude prices, but the effectiveness of such a move is unclear.

What Experts Say

> "We are legitimately still in the middle of all this," said Palantir CEO Alex Karp, referring to the ongoing feud between the Silicon Valley AI company Anthropic and the US Department of Defense over the use of AI products for domestic surveillance. "It's our stack that runs the LLMs."

Key Numbers

• 40%: The surge in global crude futures since the conflict began
• 2,500: The number of Marines deployed to the Middle East
• $2.5 billion: The cost of the Federal Reserve building renovation at the center of a Justice Department investigation

Key Facts

• Who: President Donald Trump, Palantir CEO Alex Karp, Interior Secretary Doug Burgum
• What: US military strikes on Iranian targets, discussion of oil market intervention, deployment of Marines to the Middle East
• When: The conflict began nearly two weeks ago
• Where: The Persian Gulf, the Middle East
• Impact: Surging crude prices, economic instability

What Comes Next

As the conflict continues to escalate, the global economy teeters on the brink of instability. The US and Iran show no signs of backing down, and the situation remains highly volatile. What's next for the US, Iran, and the global economy remains to be seen.