STRAIT OF HORMUZ, IRAN – MAY 16: Ships remain anchored on May 16, 2026 in the Strait of Hormuz near Larak Island, Iran. Negotiations between the U.S. and Iran over opening this critical waterway have largely stalled as the countries have rejected each other’s proposals to end the war that began when the U.S. and Israel attacked Iran on February 28. (Photo by Majid Saeedi/Getty Images)
Majid Saeedi | Getty Images News | Getty Images
Oil rose Wednesday, as Mideast tensions continue to escalate after the U.S. carried out its latest round of attacks on Iran, while Tehran reportedly struck back at U.S. allies.
Futures for international benchmark Brent crude for November delivery gained over 2% at $96.59 a barrel. U.S. West Texas Intermediate futures for October advanced 1.73% at $91.78 per barrel.
Brent
The U.S. Central Command said in a post on X, the strikes “follow recent attempted attacks by the IRGC against commercial shipping in the Strait of Hormuz and against American service members.”
A tanker was struck by three unknown projectiles while transiting Hormuz on Monday, the U.K. Maritime Trade Operations Centre said in an incident report.
“I’m not trying to force Iran to the bargaining table, ” U.S. President Trump said in a Truth Social post.
“I like our position now much better, with almost total control of the Hormuz Strait, and their economy totally collapsing,” Trump added.
Iran, in response to U.S. latest strikes, has reportedly attacked Kuwait, Jordan, and Bahrain with incoming drones and missiles, according to Al Jazeera.
“The longer the war with Iran goes on, oil prices will continue to stay elevated and volatile,” said Edward Rosenberg, head of ETFs at Strategy Shares. “Sanctions, stalled negotiations, and mixed signals on whether Iran wants the war to end are swinging prices day to day, not just holding them high.”
