Oil prices surged over 3 percent on Thursday following reported actions by Iran’s Revolutionary Guards, who claimed to have targeted a U.S. airbase in retaliation for a U.S. strike near Bandar Abbas airport.
Brent crude futures increased by $3.51, or 3.72 percent, reaching $97.80 a barrel by 0344 GMT. Meanwhile, the more actively traded August contract gained $3.35, or 3.63 percent, climbing to $95.60. The July contract is set to expire on Friday. U.S. West Texas Intermediate (WTI) futures rose by $3.31, or 3.73 percent, to $91.99.
In the previous session, both benchmarks had declined more than 5 percent, hitting their lowest levels in a month, amid speculation surrounding a potential U.S.-Iran agreement to conclude their ongoing conflict and facilitate the reopening of the Strait of Hormuz.
According to the Tasnim news agency, Iran’s Revolutionary Guards indicated that their strike on the U.S. airbase was a direct response to what they deemed an unprovoked U.S. attack. They cautioned that any repetition of such actions would elicit a “more decisive” reaction.
A U.S. military official reported that American forces executed additional strikes on Iranian military sites, which were believed to pose threats to U.S. personnel and commercial shipping in the Strait of Hormuz.
“Oil supply remains constrained, and key sticking points have yet to be resolved,” remarked Daniel Hynes, an ANZ commodity strategist, in a recent note.
In the United States, crude oil inventories decreased by 2.8 million barrels in the past week, marking six consecutive weeks of declines, according to data from the American Petroleum Institute.
Official inventory figures from the U.S. Energy Information Administration are scheduled for release on Thursday, delayed by one day due to the Memorial Day holiday observed on Monday.
Published on May 28, 2026.
