US military strikes on Kharg Island in March 2026 targeted over 90 Iranian military sites including air defenses and missile facilities but deliberately avoided oil infrastructure, leaving primary governmental and military control with Iran. A US naval blockade has sharply curtailed crude exports from the island since mid-2026, with loading activity halted for weeks at a time and only limited resumption reported in early November, yet no occupation, seizure, or transfer of authority has occurred. Ongoing tensions in the Strait of Hormuz, including limited strikes on nearby islands and Iranian countermeasures, have sustained trader focus on military pressure rather than territorial change. Market pricing reflects the absence of verifiable developments meeting resolution criteria for loss of Iranian control.