US-Iran Conflict Heats Up Again, Oil Prices Surge to US$101
Global oil prices strengthened again during Friday morning trading (8/5/2026), following renewed tensions between the United States (US) and Iran amid efforts to maintain the ceasefire. Markets, which had previously hoped for a swift peaceful resolution, are now once again haunted by the risk of supply disruptions from the Strait of Hormuz, a vital route that carries around one-fifth of the world’s oil and gas supply.
According to Refinitiv data as of 09.30 WIB, Brent crude oil was recorded at US$101.44 per barrel, up 1.38% from the previous day’s close of US$100.06 per barrel. Meanwhile, West Texas Intermediate (WTI) crude oil strengthened 1.07% to US$95.82 per barrel from the previous US$94.81 per barrel.
Today’s rise also halted a three-day weakening trend that had dragged Brent from US$109.87 per barrel on 5 May to just US$100.06 per barrel in yesterday’s trading.
Reuters reported that the price surge was triggered by mutual accusations between Washington and Tehran regarding violations of the ceasefire, which has been in place for about a month. Iran accused the US of attacking an oil tanker and civilian areas around the Strait of Hormuz.
On the other hand, the US described the attack as retaliation for Iranian gunfire against a US Navy ship passing through the area. US President Donald Trump stated on Thursday local time that the ceasefire was still in effect, despite the latest clashes breaking out.
Market participants are now refocusing on risks to global energy supplies. During the ongoing war, the Strait of Hormuz has experienced major disruptions, even though this route is the lifeline of world oil trade. IG analyst Tony Sycamore noted in his commentary that supply conditions remain tight while a peace agreement is still difficult to achieve.
Amid this situation, the market was also shaken by an investigation by the US Commodity Futures Trading Commission (CFTC) into oil transactions worth US$7 billion that occurred ahead of an important announcement by Donald Trump regarding the Iran war. Most of those transactions were short positions or bets on falling prices, carried out before the announcement of the delay in attacks and ceasefire, which at the time had significantly pressured oil prices downward.