U.S. President Donald Trump announced that all military targets on Iran’s Kharg Island, the country’s main oil export hub, have been completely destroyed. As nearly 90 percent of Iran’s crude exports depend on the island, the attack is being viewed as a major blow to Iran’s economy. A retired U.S. Army officer told CNN that the global oil market could spiral out of control following the strike.

In a statement issued Friday night, Trump warned that if Tehran continues to obstruct shipping in the Strait of Hormuz, the island’s oil infrastructure will also be directly targeted. Former U.S. Brigadier General Mark Kimmitt said the attack has significantly increased the risk of war, noting that the U.S. is now targeting Iran’s economic core rather than just its military or government.

CNN, citing Pentagon sources, reported that a U.S. Marine Expeditionary Unit is being deployed to the Middle East to address escalating tensions. Iran’s state media, however, claimed that no oil-related infrastructure on Kharg Island was damaged.