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Iran Believes It’s Winning—and Wants a Steep Price to End the War – WSJ

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Iran Believes It’s Winning—and Wants a Steep Price to End the War – WSJ

While the Iranian leadership currently possesses significant leverage for a deal with the U.S. if it chose to negotiate, it also holds a record of sticking to unrealistically rigid policies since the early days of the Islamic Republic, said Alex Vatanka, a senior fellow at the Middle East Institute and author of a book on U.S.-Iranian relations. Back during the Iran-Iraq war, Iran liberated every inch of its territory by 1982—but only agreed to a cease-fire with Saddam Hussein’s regime in 1988, after massive destruction and hundreds of thousands of casualties on both sides, he noted.

Oil Rises After Israel Strikes Iran Gas Field and Tehran Hits Qatar Fuel Hub

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Iran War Live Updates: Oil Rises After Israel Strikes Iran Gas Field and Tehran Hits Qatar Fuel Hub

Oil soared past $115 and European natural-gas prices surged more than 20% as attacks on Middle Eastern energy infrastructure fueled anxiety over supply.

Qatar said early Thursday that Iranian ballistic missiles caused extensive damage at its Ras Laffan industrial area, which houses a major hub for liquefied-natural gas. Those strikes came in response to an Israeli attack on a large Iranian gas field, South Pars, which prompted Iran’s president to warn of “uncontrollable consequences, the scope of which could engulf the entire world.”

Kharg Island

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Kharg Island 

is a strategic coral island in the northern Persian Gulf that serves as the "economic backbone" of Iran, handling roughly 90% of the country's crude oil exports.

 
On March 13, 2026, the island became a central flashpoint in the U.S.–Iran conflict when U.S. forces conducted a large-scale precision strike that "obliterated" approximately 90 military targets on the island.
 
Current Strategic Status (March 2026)
  • Military Strike: President Donald Trump announced that the U.S. targeted military installations, including naval mine and missile storage bunkers, to stop Iranian interference with shipping in the Strait of Hormuz.
  • Oil Infrastructure: The island's critical oil export facilities were intentionally spared during the strike "for reasons of decency". However, the U.S. warned it would reconsider this decision if Iran continues to block international shipping lanes.
  • Ongoing Operations: Despite the military strikes, oil operations have continued, with tankers observed loading crude shortly after the attack.
 

Key Infrastructure & Capacity

Kharg Island is indispensable because much of Iran’s mainland coastline is too shallow for massive supertankers.
  • Export Volume: Historically handles 1.5 to 1.6 million barrels per day (bpd).
  • Loading Capacity: Features long jetties and deep-water berths capable of loading up to 10 supertankers simultaneously. Its maximum theoretical capacity is reported as 7 million bpd.
  • Storage: The island has storage tanks capable of holding approximately 30 million barrels of crude oil.
 

Geography & Administration

  • Location: Situated roughly 15 miles (24 km) off the coast of Iran and 34 miles (55 km) northwest of Bushehr.
  • Dimensions: Approximately 8 km (5 miles) long and 4–5 km (3 miles) wide.
  • Restrictions: Often called the "Forbidden Island," it is heavily fortified and administered by the Islamic Revolutionary Guard Corps (IRGC). Access is strictly limited to oil workers and military personnel, though a restrictive special tourist permit was introduced in 2026.
  • Resources: It is one of the few islands in the Persian Gulf with its own natural freshwater supply, which supports a local population of over 8,000 people and a population of wild gazelles.
 

Historical Significance

  • Archaeology: Home to a 2,400-year-old Achaemenid cuneiform inscription (discovered in 2007) that is central to the Persian Gulf naming dispute. It also contains ruins of a 7th-century Christian monastery and various rock-cut tombs.
  • Colonial History: Controlled by the Portuguese in the 16th century and the Dutch East India Company in the 18th century, who built Fort Mosselstein.
  • Iran-Iraq War: During the 1980s, the island was repeatedly bombed by Iraq in an attempt to cripple Iran's economy, leading to extensive damage that was later rebuilt.
 
 
 

 
Thematic Map: Large Urban Counties are gaining population in New York State

Khamenei’s Son Named Supreme Leader as Fighting Escalates Across Middle East – The New York Times

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Iran Live Updates: Khamenei’s Son Named Supreme Leader as Fighting Escalates Across Middle East – The New York Times

Markets in Asia and Europe tumbled on Monday, and U.S. futures were down, as a spike in oil prices reflected global fears of a prolonged U.S.-Israeli war with Iran. Meanwhile, Iran projected defiance by naming a son of its slain supreme leader as his successor. Oil prices briefly surged early Monday to almost $120 per barrel, their highest level since the Covid pandemic, as President Trump’s plans for the next steps in the war, let alone its endgame, remained unclear, and Iran showed no sign of bowing to his demand for unconditional surrender.