Oil Price Shock Could Worsen If U.S. Seizes Iran’s Strategic Oil Island

JP Morgan has warned that Iran’s oil production could be slashed in half and oil exports could virtually stall if U.S.-Israeli seize Iran's Kharg Island, worsening the ongoing global oil shock. Located in the Persian Gulf, the continental island is the "backbone" of Iran's oil infrastructure, handling approximately 90% of its crude exports. The island collects oil transported via pipeline from Iran’s largest producing fields, including Marun, Ahvaz and Gachsaran. Iran--OPEC’s third-largest producer--pumps about 3.3 million…