US military strikes on Kharg Island since March 2026 have destroyed numerous Iranian air defenses, naval bases, and missile sites while deliberately avoiding oil export terminals that handle the bulk of Iran’s crude shipments. A naval blockade and repeated coastal strikes have sharply curtailed tanker activity and seaborne exports for extended periods, yet satellite imagery and maritime reports confirm continued Iranian operational control and recent resumption of limited loadings. No ground seizure or transfer of primary governmental or military authority has occurred, consistent with trader consensus that such an outcome remains unlikely absent a major escalation. Further US actions or Iranian retaliation could influence developments before key deadlines.