The oil logic behind Trump’s war on Iran

The Kharg Island strike shows how US force is calibrated to avoid disrupting global oil flows

The United States and Israel say their escalating military assault on Iran is about nuclear proliferation, deterrence and regional security. But recent developments suggest another, older logic at work. The deeper objective is not simply weakening Iran or forcing regime change. It is safeguarding the mobility of oil – the lifeblood of the global capitalist economy.

Consider the recent US strike on Iran’s Kharg Island, the country’s main oil export terminal. The island sits just off the coast of the Gulf near the Strait of Hormuz, through which roughly one-fifth of the world’s oil passes each day. Any disruption there would reverberate immediately across global energy markets. Recent reports highlight how sensitive oil prices are to the threat of disruption in the strait.