The U.S. military confirmed strikes on Thursday targeting bridges surrounding the Iranian port city of Bandar Abbas. The operation aims to sever supply lines to the naval base used by Iranian forces to project power and harass international shipping. This tactical escalation has effectively pushed oil prices upward, drawing immediate market reactions across the energy sector.

In response to the mounting blockade risk, Chevron is moving to deepen its footprint in Iraq. The company is finalizing preliminary agreements to invest in two major oil fields and is joining a consortium focused on building a pipeline to the Syrian coast. By establishing these land-based export channels, producers hope to mitigate the economic impact of Tehran’s efforts to exert control over the Strait of Hormuz.

Corporate activity remains robust despite the regional instability. Kimbell Royalty Partners announced a $215.4 million acquisition of oil and gas royalties from affiliated sellers. The deal, structured as a drop-down, involves $74.9 million in cash alongside the issuance of 9.5 million units of Kimbell Royalty Operating, valued at $140.5 million.