Oil Prices Surge Again: US-Iran Conflict Heats Up?
Jakarta, CNBC Indonesia - Global oil prices rebounded after the US military launched new strikes on Iranian military sites. The rise occurred as peace negotiations between Washington and Tehran continue. According to Refinitiv, Brent crude stood at $98.01 per barrel as of 11:33 WIB on Thursday, 28 May 2026, a 3.95% increase. WTI crude was at $92.28 per barrel, up 4.06%. The increase followed a sharp drop in prices the previous day. On Wednesday, 27 May 2026, Brent closed at $94.29 per barrel, a 5.31% decline from Tuesday’s $99.58. WTI fell 5.55% to $88.68 per barrel. The latest US strikes targeted a military site deemed a threat to US forces and commercial shipping in the Strait of Hormuz, according to Reuters. An anonymous US official said the military intercepted and shot down Iranian drones posing similar threats. The strikes occurred as both nations negotiate to end a three-month conflict that has killed thousands and caused global energy prices to swing wildly since 28 February 2026. The Strait of Hormuz remains a key concern for oil markets, as it is one of the world’s most vital shipping routes for oil, where any security disruption immediately raises supply worries. US President Donald Trump previously denied Iranian state media reports that Iran and Oman would jointly manage Hormuz shipping as part of a peace deal, insisting the route stays open. The US also conducted defensive strikes against Iran on Monday, which Tehran called a ceasefire violation. Targets included vessels allegedly trying to lay mines and missile launch sites, which the US Central Command said threatened US forces. Oil prices remain highly sensitive to geopolitical developments. While markets hope US-Iran talks could lead to a peace deal and keep Hormuz open, the latest strikes show escalation risks persist. Any disruption around the strait could trigger price spikes due to potential supply interruptions. With the situation uncertain, oil prices are likely to stay volatile short-term, as investors watch US-Iran negotiations, Tehran’s response to the strikes, and security in the Hormuz shipping lanes.