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2026, May 28 Iran
Benchmark crude prices rose sharply:
Brent crude climbed above roughly $89 per barrel.
West Texas Intermediate (WTI) moved toward the mid-$80s range.
The biggest driver is concern over the Strait of Hormuz — the narrow waterway between Iran and Oman through which about 20% of global oil shipments normally pass. Traders fear that further escalation could:
disrupt tanker traffic,
increase shipping insurance costs,
slow Gulf exports,
or trigger partial blockades and military escorts.
Markets are also reacting to:
reports of drone activity near Gulf shipping lanes,
warnings from Iran-linked groups,
and uncertainty over whether the U.S.–Iran ceasefire framework is effectively collapsing.
Energy analysts noted that oil markets had previously been relatively calm because traders believed neither side wanted a full regional war. The latest strikes have changed that calculation, at least temporarily.
Higher oil prices could quickly feed into:
fuel and transport costs,
airline operating expenses,
inflation pressures,
and shipping rates globally.