Crude oil opened about 3% higher on Sunday night, climbing to around $100 per barrel—its highest level since July 2022—as the war in the Middle East entered its third week following U.S. strikes on military sites on Kharg Island. Over the weekend, President Donald Trump warned that Iran’s oil export infrastructure on the island, which handles roughly 90% of the country’s crude exports, could be targeted. A direct strike on Kharg Island’s export terminal would likely provoke severe retaliation against energy infrastructure throughout the region. Underscoring the strain on global supply, the IEA said Sunday that crude from last week’s record 400-million-barrel strategic reserve release will be made available to Asian buyers immediately.