On April 29, 2026, employees of the Basra Oil Company work at the Nahal bin Umar oil and gas field on the outskirts of the southern Iraqi city of Basra.
Hussein Fareh | AFP | Getty Images
Oil prices soared Thursday after the United States launched a new military offensive against Iran, raising concerns that the Iran war could drag on and cause long-term disruptions to energy supplies.
U.S. crude oil futures for July rose 2.94% to $92.68 per barrel. International benchmark Brent futures for August delivery rose 2.52% to $95.45 per barrel.
U.S. Central Command said in a post on X that the U.S. military “launched additional self-defense strikes against multiple targets in Iran at 5:15 p.m. ET today at the direction of the Commander in Chief.” The military said the operation was carried out “in response to Iran’s unjust and continued aggression.”
Meanwhile, Iranian state media reported that Iran carried out missile and drone attacks on US ships sailing in the Strait of Hormuz.
The attack followed comments from US President Donald Trump earlier in the day in which he warned that Washington would step up its military response against Iran as he continued to push Tehran towards a deal with the US.
Despite a new escalation in the U.S.-Iran conflict, Rystad Energy said Thursday the oil market is in a better position to absorb disruption than during past crises, citing record U.S. crude exports, slowing Chinese demand and alternative export routes that reduce dependence on the Strait of Hormuz.
But Jorge León, senior vice president at the consulting firm, warned that the chances of a short-term diplomatic breakthrough are diminishing and oil prices could move sharply as investors assess whether the latest hostilities will be contained or erupt into a more protracted conflict.
