Recent US military strikes have targeted Iranian air defenses, radar, and naval sites on Kharg Island without damaging core oil export infrastructure or displacing Iranian forces. Iranian officials report that loading operations resumed after temporary halts linked to the US naval blockade reimposed in July, with exports averaging 10% above pre-conflict levels during the most intense period despite hundreds of strikes. President Trump has publicly referenced potential future US control of the terminal and energy assets, yet no ground operations or sovereignty shift has occurred. The island continues to handle the bulk of Iran's crude shipments under Tehran’s primary governmental and military authority. Traders price a low probability of change by year-end deadlines, reflecting the gap between rhetorical pressure and verified operational control.