US-Iran Escalation Pushes Global Oil Prices to $96

JAKARTA, KOMPAS.com - Military tensions between Iran and the United States (US) have escalated again, rattling global energy markets. The exchange of attacks between the two nations sent world oil prices soaring on Thursday (28 May 2026), according to Reuters.

Brent crude futures rose $2.38, or 2.52%, to $96.67 a barrel at 15:45 WIB, while the more active August contract gained $2.45, or 2.66%, to $94.70 a barrel. West Texas Intermediate (WTI) crude futures also climbed $2.24, or 2.53%, to $90.92 a barrel.

This follows a 5% drop in both benchmarks the previous day (27 May 2026), driven by hopes that US-Iran tensions would ease. However, after Iran’s Revolutionary Guard claimed to have attacked a US airbase in retaliation for a prior US strike on Iranian drone facilities near Bandar Abbas port, prices surged again.

The retaliatory strikes reignited fears of disruptions to global oil supplies, particularly through the strategic Strait of Hormuz, a key energy transit route.

“It appears this exchange of air strikes is part of negotiation language,” said Evans.

“As long as there is hope for a deal, prices will remain flat until global oil supply declines become tangible. This again reminds us that over one billion barrels of oil are trapped in the narrow Hormuz strait,” he added.

Meanwhile, shipping data shows two supertankers and one LNG carrier left the Strait of Hormuz this week with transponders switched off, heading towards India and China, according to LSEG and Kpler data.

In the US, crude oil inventories fell by 2.8 million barrels last week, marking six consecutive weekly declines, per the American Petroleum Institute (API) data.