Brent Blasts Above $95 as Iran Strikes United States Allies in the Gulf

Oil prices climbed Wednesday as military exchanges between the United States and Iran shattered weeks of relative calm across the Middle East. The renewed confrontation pushed geopolitical risk back into crude markets as both countries contested control of the Strait of Hormuz.

Brent crude futures, the global oil benchmark, gained about 1 percent and closed at $95.63 per barrel. United States West Texas Intermediate crude also advanced nearly 1 percent, settling at $91.01 per barrel.

The price response reflected immediate concern that escalating attacks could threaten production, shipping, or export infrastructure across the Gulf. Traders are again confronting the possibility that physical crude supplies could be delayed or removed from an already anxious international market.

The United States military completed a wave of strikes Tuesday against Iran’s Islamic Revolutionary Guard Corps, according to United States Central Command. The operation targeted air defense installations, radar systems, maritime assets, mine laying capabilities, and communications sites.

Iran responded by widening the geographic scope of the confrontation. The Revolutionary Guard said it attacked United States military positions in Jordan, Kuwait, Bahrain, Iraq, and the United Arab Emirates, according to Iranian state media.

The exchange marked the first direct fighting between Washington and Tehran since July. United States officials are seeking to weaken Iran’s capacity to attack commercial vessels and interfere with tanker movements through the Strait of Hormuz.

Hormuz remains the critical pressure point for energy markets because of the vast quantities of oil and refined products that pass through its narrow shipping lanes. Any sustained disruption could affect buyers in Asia, Europe, and other regions that depend heavily on Gulf exports.

More than 17 million barrels of oil moved through Hormuz on Monday, according to United States Energy Secretary Chris Wright. He told CNBC’s Brian Sullivan that the volume was the highest recorded since the war began in late February.

Before the conflict, roughly 20 million barrels per day of crude oil and petroleum products passed through the waterway. Monday’s volume therefore suggested that flows had recovered substantially, even as military risks remained severe and shipping conditions stayed vulnerable.

The latest attacks have forced traders to rebuild a geopolitical premium that had faded during the preceding period of relative quiet. West Texas Intermediate has gained about 9 percent this week as markets price in renewed danger to Middle Eastern crude exports.

The central concern is not limited to direct damage against tankers or terminals. Naval operations, mine laying activity, insurance restrictions, crew safety concerns, and higher freight costs can all slow vessel traffic even when physical infrastructure remains intact.

A prolonged struggle over Hormuz could also strain available tanker capacity and complicate refinery purchasing programs. Importers may seek alternative grades from other regions, but replacement barrels can involve longer voyages, different refining yields, and substantially higher transportation expenses.

President Donald Trump has indicated that negotiations with Tehran are not his immediate objective. His administration has instead moved toward stronger economic pressure through a naval blockade and an expanded sanctions campaign directed at Iran.

“I’m not trying to force Iran to the bargaining table,” Trump said in a Truth Social post. “I like our position now much better, with almost total control of the Hormuz Strait, and their economy totally collapsing.”

That position leaves oil markets exposed to further military escalation and abrupt price movements. With Brent already above $95 per barrel, every new strike, shipping warning, or change in Hormuz traffic could trigger another sharp reassessment of global supply risk.