Oil fluctuates after Trump says U.S. to hit Iran “very hard,” target Kharg Island in Oil & Companies News 12/06/2026 Oil prices on Thursday sharply turned higher after President Donald Trump said the U.S. would be hitting Iran “very hard tonight” and target the critical Kharg Island “in the not too distant future.” Crude benchmarks had retreated earlier following news reports which suggested that the U.S. and Iran have continued to hold peace talks despite a fresh exchange of air attacks. At 08:28 ET (12:28 GMT), Brent crude futures expiring in August, the global oil benchmark, had erased losses and were last up 0.6% to $93.72 a barrel. U.S. West Texas Intermediate (WTI) crude futures also turned positive, last up 0.8% to $90.76 a barrel. Both contracts had advanced more than 2% in early Asian trading. Oil prices settled nearly 2% higher in the previous session. “The United States will be hitting Iran (Whose Navy, Air Force, Radar, Anti Aircraft, and all other forms of Defense, together with most its offensive capability, are GONE!), VERY HARD TONIGHT. At some point in the not too distant future, we will be taking Kharg Island, and other oil infrastructure points, and assume total control of their Oil and Gas Markets,” Trump said on his Truth Social service. Kharg Island is located in the Persian Gulf off the coast of Iran and serves as the primary terminal for a majority of the country’s crude oil exports. CNN earlier reported that the U.S. and Iran had carried on negotiations over a potential peace deal overnight. A separate report from Reuters said Washington and Tehran are discussing a preliminary deal which would include a mechanism that would unfreeze Iranian funds. Efforts to forge such an agreement have intensified, the report added, citing Iranian sources. Yet uncertainty has continued to surround the discussions, with U.S. President Donald Trump warning of more action against Iran if the country did not immediately accept a peace deal. The U.S. struck