Banner headlines in Iraqi newspapers last Friday proclaimed WE DESTROYED KHARG ISLAND. The papers reported a "massive blitz" by Iraqi planes against the terminal, one of the world's largest, through which flow 90% of Iran's crude-oil exports of 1.6 million bbl. a day. If indeed Iraq had destroyed the terminal, it would have been a turning point in the five-year-old gulf war. By late last week, however, oil-industry experts concluded that although Iraqi jets had managed to penetrate the heavily defended southeastern, landward side of the complex known as "T terminal," the strike would not seriously disrupt the oil exports on...
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