U.S. launches fresh strikes on Iran
An employee of Basra Oil Company works at the Nahr Bin Umar Oil and Gas Field on the outskirts of the city of Basra in southern Iraq on April 29, 2026.
Hussein Faleh | Afp | Getty Images
Oil prices rose on Thursday after the United States launched a new military offensive against Iran; This has increased concerns that the Iran war could prolong and disrupt energy supplies for a longer period of time.
U.S. crude oil futures for July rose 2.94% to $92.68 per barrel. Brent futures, the international benchmark for August delivery, rose 2.52% to $95.45 a barrel.
U.S. Central Command said in a post on The military said the operation was carried out “in response to Iran’s unwarranted and ongoing aggression.”
Meanwhile, Iranian state media reported that Tehran launched missile and drone attacks on US ships operating in the Strait of Hormuz.
The latest attacks follow US President Donald Trump’s warning earlier in the day that Washington would intensify its military response against Iran as he continued to push Tehran to reach a deal with the US.
Despite the new escalation in the US-Iran conflict, Rystad Energy said on Thursday that the oil market was in a better position to absorb disruptions than in past crises, citing record US crude exports, weakening Chinese demand and alternative export routes that reduce dependence on the Strait of Hormuz.
But Jorge Leon, the consultancy’s senior vice president, warned that the chances of a diplomatic breakthrough in the near term are diminishing as investors assess whether recent hostilities will remain under control or escalate into a longer-lasting conflict, leaving oil prices vulnerable to sharp swings.
