Brent Climbs 1.8% Toward $96 as New US Strikes Test Iran Ceasefire
Updated
Updated · FRANCE 24 English · May 28
Brent Climbs 1.8% Toward $96 as New US Strikes Test Iran Ceasefire
6 articles · Updated · FRANCE 24 English · May 28
Brent rose 1.8% to $95.95 a barrel and WTI gained 1.7% to $90.17 after fresh US strikes on Iran reversed much of the previous session's ceasefire-driven drop.
US forces shot down four Iranian drones and hit a control centre in Bandar Abbas, which a US official called a measured defensive move meant to preserve the ceasefire.
Iranian state media said its forces fired at four ships in the Strait of Hormuz, while Kuwait said its air defences were responding to missile and drone attacks, underscoring how fragile the truce remains.
Asian equities mostly fell as the renewed tension hit risk sentiment—Hong Kong dropped more than 1.5% and Seoul nearly 1%—even after global stocks had rallied on AI optimism a day earlier.
The market focus remains the Strait of Hormuz, where months of disrupted shipping have rattled energy-dependent Asian economies and raised the risk that higher oil prices feed inflation and tighter central-bank policy.
As a US-Iran deal seems near, why did new military strikes erupt, and what happens next?
With the Strait of Hormuz choked, which nations face the most imminent threat of physical oil shortages?
Are central banks inducing a global recession by fighting an energy crisis with interest rate hikes?
2026 Hormuz Blockade Drives Oil to $103/Barrel: Economic, Humanitarian, and Geopolitical Impacts Unfold
Overview
In late May 2026, global energy markets are facing major volatility as oil prices surge due to renewed military tensions in the Middle East. This crisis began with recent American military strikes in Iran, which raised fears of long-term disruption to vital shipping routes through the Strait of Hormuz. The ongoing conflict has already caused gasoline prices to rise sharply, putting domestic pressure on leaders like President Trump. As the situation escalates, concerns grow about the stability of global supply chains and the broader economic impact, highlighting how quickly regional tensions can ripple through the world economy.