Iran launched a second consecutive drone attack on Kuwait’s Mina Al-Ahmadi refinery on March 20. The assault caused multiple fires at the facility. Simultaneously, Israeli military forces conducted airstrikes against regime infrastructure in Tehran.
Brent crude traded near $110 per barrel following the strikes. This price reflects a retreat from a weekly peak of $119. The Mina Al-Ahmadi refinery maintains a processing capacity of approximately 730,000 barrels per day.
Iran has effectively closed the Strait of Hormuz to maritime traffic. The U.S. is reportedly considering a military blockade or occupation of Kharg Island. This site facilitates 90% of Iran’s total oil exports.