Oil prices jumped more than 2% on Thursday, May 28, 2026, after Iran’s Revolutionary Guards said they targeted a United States airbase in response to a U.S. attack in the port city of Bandar Abbas.
Brent crude futures rose $2.34, or 2.48%, to $96.63 a barrel by 0701 GMT, while the more active August contract gained $2.24 or 2.43%, to $94.49, with the July contract set to expire on Friday.
U.S. West Texas Intermediate futures were up $2.26, or 2.55%, at $90.94.
Both benchmarks slipped more than 5% to touch their lowest in a month in the previous session on the possibility of a U.S.-Iran deal to end their war and reopen the Strait of Hormuz.
The Islamic Revolutionary Guard Corps said on Thursday it targeted a U.S. airbase after what it described as an early morning U.S. attack near Bandar Abbas airport.
READ ALSO: US, Iran trade attacks near Hormuz amid ceasefire
It warned that any repeat of what they called aggression would draw a “more decisive” response.
The U.S. military launched new strikes in Iran targeting a military site that officials believed posed a threat to U.S. forces and commercial maritime traffic in the Strait of Hormuz, a U.S. official told Reuters.
“The rise in oil prices highlights the fragility of the current ‘no peace, no war’ situation between the United States and Iran,” said Simon-Peter Massabni, head of business development at XS.com.
“While the market holds onto hopes that the conflict is nearing an end, the increasing frequency of skirmishes between the two sides, coupled with Donald Trump’s evident frustration, suggests that this conflict may continue. As a result, the Strait of Hormuz is likely to remain closed,” he added.
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