Strait of Hormuz, Iran – May 16: A ship anchored in the Strait of Hormuz near Larak Island, Iran, on May 16, 2026. Negotiations between the United States and Iran over the opening of the vital waterway have largely stalled, with both countries rejecting each other’s proposals to end the war that began when the United States and Israel attacked Iran on February 28. (Photo by Majid Saidi/Getty Images)
Majid Saidi | Getty Images News | Getty Images
Oil prices rose on Wednesday as Iran reportedly hit back at Washington’s regional allies as tensions in the Middle East continued to rise after the United States carried out its latest attack on Iran.
International benchmark futures brent crude oil November deliveries rose 0.36% to $94.99
1 barrel as of 3:58 a.m. ET, net of previous gains. us West Texas Intermediate Futures In October, it was almost flat at $90.23 per barrel.
brent
In a post on X, U.S. Central Command said the attack “follows recent attempted attacks by the Revolutionary Guards against commercial vessels and U.S. military personnel in the Strait of Hormuz.”
The British Maritime Trade Operations Center said in an accident report on Monday that the tanker was struck by three unknown projectiles while sailing through Hormuz.
“I will not force Iran to the negotiating table,” President Trump said in a post on Truth Social.
Trump added: “I think our country is in a much better position now that we have almost complete control of the Strait of Hormuz and our economy has completely collapsed.”
Iran has reportedly attacked Kuwait, Jordan and Bahrain with drones and missiles in response to recent US attacks, according to Al Jazeera.
“The longer the war with Iran goes on, the higher oil prices will continue to be and the more volatile they will be,” said Edward Rosenberg, head of ETFs at Strategy Shares. “With sanctions, stalled negotiations, and mixed signals about whether Iran wants the war to end, prices are not just staying high, they are fluctuating daily.”
