Brent Rises 2% to $98.26 as U.S. Strikes in Southern Iran Jolt Talks
Updated
Updated · CNBC · May 26
Brent Rises 2% to $98.26 as U.S. Strikes in Southern Iran Jolt Talks
9 articles · Updated · CNBC · May 26
$98.26 a barrel — July Brent crude climbed 2% in Asia after the U.S. said it carried out self-defense strikes on vessels and missile launch sites in southern Iran.
Trump added to the uncertainty by saying Iran negotiations were "proceeding nicely" while warning military action could resume if talks collapsed, keeping traders on edge over any deal.
WTI July futures traded at $91.73, down 5.1% from Friday's close, though Monday had no U.S. settlement because of the Memorial Day holiday.
UBS said the oil market was already tightly undersupplied: global inventories fell 246 million barrels in March and April, and cumulative production losses could top 1 billion barrels by end-May amid Strait of Hormuz disruptions.
As Hormuz talks advance, will Iran's demand to 'manage' the strait be the dealbreaker for global trade security?
With $100 billion in frozen assets on the table, is Iran's demand a path to peace or a poison pill for negotiations?
A deal may reopen the Hormuz Strait, but will soaring insurance rates create a new, invisible blockade for global shipping?
Market Turmoil and Diplomacy in the 2026 Strait of Hormuz Crisis: Economic and Geopolitical Fallout
Overview
On May 25, 2026, global markets and geopolitics are on edge, balancing cautious optimism for diplomatic breakthroughs with the ongoing reality of military actions. Recent days have seen intensified diplomacy, highlighted by Pakistan’s army chief visiting Tehran, signaling a stronger mediation role for regional powers to prevent a wider Iran-U.S. conflict. These efforts have brought talks to a decisive stage, offering hope for de-escalation. However, persistent military actions and economic shocks, especially in energy markets, continue to threaten stability, making the outcome of current negotiations critical for both regional peace and the global economy.