Global Oil Prices Surge After New US Strikes on Iran

Global oil prices surged again amid escalating geopolitical tensions between the United States (US) and Iran. Market concerns over potential disruptions to global energy distribution via the Strait of Hormuz drove crude oil prices sharply higher following new US military strikes on Iranian territory. The price surge reversed a previous downward trend that had occurred as markets anticipated progress in peace negotiations between Washington and Tehran. According to CNBC report on Thursday, 28 May 2026, international benchmark Brent crude rose over 3% to $97.29 per barrel. Meanwhile, West Texas Intermediate (WTI) crude increased by 3.42% to $91.71 per barrel. The rise in global oil prices was triggered by reports of new US military strikes targeting Iranian military sites. Iran’s Islamic Revolutionary Guard Corps (IRGC) stated via semi-official news agency Tasnim that it had targeted a US airbase at around 04:50 local time. The IRGC did not specify the location of the airbase in question. The statement came after US forces launched new strikes on a military site in Iran believed to threaten American troops and commercial shipping lanes in the Strait of Hormuz. A US official told MS NOW that the attack targeted facilities deemed to endanger international shipping security. Additionally, US military reportedly intercepted and shot down several Iranian drones. A Central Command official described the action as defensive, stating the drone control station struck was preparing to launch a fifth drone. The Strait of Hormuz is a focal point for global oil markets as it is one of the world’s most critical energy transit routes.