Ongoing US-Iran military exchanges since the February 2026 conflict have targeted military assets on Kharg Island—the source of roughly 93% of Iranian crude exports—and nearby sites including Hengam and Hormuz, yet satellite data and Iranian statements confirm continued Iranian operational control and oil loadings. Kharg exports reportedly rose about 10% above pre-war averages despite hundreds of strikes, underscoring the island’s resilience as an export hub. Persistent tensions center on the Strait of Hormuz, where Iran enforces designated routes and fees while the US backs alternative corridors; recent September 2026 incidents involving vessel interdictions and drone seizures highlight ongoing enforcement without territorial shifts. Trader focus remains on any escalation that could alter control, alongside oil price benchmarks and tanker traffic volumes through the Gulf.