US considers ground operation to seize Iran’s Kharg Island

Citing two sources familiar with the matter, The Jerusalem Post reported early Monday, the United States (US) is preparing to launch a ground military operation to seize the Iranian island of Kharg.

A US official confirmed to the Post that “the US military has accelerated the deployment of thousands of Marines and Navy personnel to the Middle East.”

This comes a week after the US struck military targets on Kharg Island. The island is a strategic one for Iran as it serves as a primary hub for oil exports.

Market reaction

Oil prices are set to resume their uptrend, following a week of bullish consolidation as the Middle East turmoil shows no signs of easing. Meanwhile, the US Dollar Index (DXY) is marginally higher on the day, below 99.50 at the time of writing.