US Strikes Iran Drones, Lifting Brent $2.14 as Global Shares Retreat
Updated
Updated · The Associated Press · May 28
US Strikes Iran Drones, Lifting Brent $2.14 as Global Shares Retreat
7 articles · Updated · The Associated Press · May 28
Brent crude rose $2.14 to $94.44 a barrel and U.S. crude gained $2.12 after the U.S. military said it carried out more defensive strikes against Iran.
Central Command said it shot down four Iranian one-way attack drones near the Strait of Hormuz and hit a ground control station in Bandar Abbas preparing to launch a fifth.
Equity markets turned lower: Hong Kong fell 1.3%, Australia and Taiwan each lost 1.4%, while FTSE 100 dropped 0.9% and U.S. stock futures edged 0.1% lower.
The move reversed part of Wednesday’s relief rally, when Brent had fallen 4.6% to $92.25 and all three major U.S. indexes closed at record highs.
Trump said Iran was “negotiating on fumes,” underscoring how a nearly three-month conflict and uncertainty over any Hormuz deal are still driving oil and risk sentiment.
Could the conflict end in a stalemate that paradoxically strengthens Iran’s long-term regional influence?
If Iran successfully imposes a 'Hormuz toll,' what precedent does this set for control over other global chokepoints?
With cheap drones challenging expensive defenses, is modern warfare becoming a battle of economics and attrition?
2026 Strait of Hormuz Blockade: Energy Markets in Turmoil and the Fragility of Global Supply Chains
Overview
The report details how US Central Command intercepted four Iranian attack drones near the Strait of Hormuz, responding with a strike on a ground control station in Bandar Abbas that was preparing a fifth drone. US officials described these actions as defensive and aimed at maintaining a fragile ceasefire. However, Iran quickly retaliated by targeting a US base in Kuwait, escalating tensions. These military exchanges, combined with new US sanctions on Iran’s Persian Gulf Strait Authority, have intensified the risk of miscalculation and further conflict, highlighting the extreme volatility and global economic risks tied to disruptions in this critical shipping lane.