Oil Prices Jump After New U.S. Strikes on Iran Raise Supply Concerns

Oil prices climbed sharply during early Asian trading on Thursday after reports emerged that the United States launched another military strike on Iran, increasing fears of further disruption to global crude supplies and uncertainty surrounding a potential peace agreement.

Brent crude futures rose 1.9% to $96.03 per barrel, while West Texas Intermediate (WTI) crude gained 1.9% to trade at $90.36 per barrel. The rebound came after heavy losses earlier this week, driven by hopes that tensions in the Middle East could ease and shipping routes through the Strait of Hormuz might reopen soon.

According to Reuters, several explosions were heard in Bandar Abbas, a key Iranian port city, after the U.S. reportedly targeted another Iranian military facility. American officials described the operation as an act of “self-defense” and stated that ceasefire discussions with Iran were still ongoing despite the renewed attacks.

Investor sentiment shifted again after U.S. President Donald Trump dismissed reports claiming Iran planned to fully reopen commercial shipping through the Strait of Hormuz within 30 days. Trump also rejected suggestions that Iran and Oman could jointly manage the strategic waterway and indicated that a final peace deal had not yet been reached.

The Strait of Hormuz remains one of the world’s most critical oil transit routes, carrying nearly 20% of global oil supplies. Although some ships have recently resumed passage, shipping activity is still significantly below normal levels due to ongoing regional instability.

Oil markets had previously declined on optimism surrounding a possible U.S.-Iran agreement, with Brent crude briefly falling below $100 per barrel. However, continued disagreements over Iran’s nuclear program and maritime control in the Gulf region are keeping traders cautious.

Analysts expect oil price volatility to remain high as geopolitical tensions continue to influence global energy markets in 2026.