Trump Threatens Seizure of Iran Oil Hub as Tanker Incidents Mount

President Donald Trump on Thursday threatened to seize Iran's main oil export hub, Kharg Island, and assume "total control" of the country's oil and gas markets, according to OilPrice.com. In a Truth Social post, Trump said the move would mirror the U.S. operation in Venezuela, which he claimed is "working out brilliantly." The threat followed fresh U.S. strikes on Wednesday that rattled a fragile ceasefire, with Iran responding by declaring the Strait of Hormuz closed.

The Strait of Hormuz, through which roughly 20% of global energy flows, has been effectively closed since the U.S.-Iran war began on February 28, triggering what analysts call the biggest oil supply disruption in history. Despite the ongoing tensions, oil markets were taking the news in stride on Thursday, with both Brent and WTI down about 0.6% on the day, having pulled back from recent highs above $100.

Meanwhile, India reported a second tanker incident off the coast of Oman within 24 hours on Thursday. The Indian Embassy in Oman said it was monitoring an incident involving a vessel off Shinas port, which local media reported as a fire on the tanker MT Jalveer. This follows a U.S. strike on the tanker MT Settebello on Tuesday, which left three Indian seafarers dead after the vessel failed to comply with directions, OilPrice.com reported.

In a separate development, UK clean energy technology firms have formed a joint venture to build Europe's biggest direct air capture (DAC) project. The venture, named UnionDAC, plans to build a facility on Teesside, UK, that would begin removing carbon dioxide from the air in 2030, capturing 60,000 tons annually by 2032, according to OilPrice.com. The project aims to capitalize on the UK's CO2 transport infrastructure and favorable geology for storage.

Globally, the largest planned DAC facility is Occidental's STRATOS project in Texas, designed to capture up to 500,000 tons of CO2 per year. The UK venture's announcement highlights the continued scaling of carbon capture technology, which holds implications for the long-term regulatory and investment landscape for fossil fuel producers, including those in the Bakken.