Trump just announced the US carried out the "most powerful bombing raids in Middle East history" on Kharg Island. Why this matters for oil markets: • Kharg handles ~90% of Iran's crude exports • That's roughly 2% of global oil supply • Iran was running 3 million barrels per day through there Trump says the military "chosen NOT to wipe out the Oil Infrastructure on the Island" for now. But he's made clear that changes if Iran interferes with Hormuz shipping. Hormuz, which Iran is already doing. So the path is laid. The trigger is already being pulled. And this dropped exactly 2 hours after markets closed Friday. Monday is going to be ugly.