U.S. crude oil prices surged to $90 per barrel following recent military strikes by the United States against Iran. Brent crude, the international oil benchmark, rose 4.5% to $94.52 a barrel, while U.S. West Texas Intermediate futures jumped about 5%, marking their highest level since July 24. These price increases came amid escalating tensions in the Middle East, triggered by U.S. attacks on Islamic Revolutionary Guard Corps (IRGC) targets in response to Iranian attempts to disrupt commercial shipping through the strategically critical Strait of Hormuz.

The conflict escalated when a tanker was hit by three unidentified projectiles while passing through the southern shipping lane near Oman. Iran retaliated with missile strikes on two American bases in Jordan after U.S. forces targeted Iranian rocket launchers on Larak Island, reportedly killing three militants. Larak Island plays a key role in Iran’s control over maritime traffic in the Hormuz Strait, making it a critical focus in the ongoing confrontation. Iranian President Masoud Pezeshkian stated at the Shanghai Cooperation Organisation Summit that Tehran would respond firmly if the U.S. failed to uphold its commitments under a recent interim agreement.

President Donald Trump, speaking to Fox News, warned of further U.S. responses to Iranian attacks, emphasizing that America will “hit them hard” if provoked. Analysts interpret the U.S. strikes as a calibrated effort to punish specific Iranian actions, rather than an escalation toward broader conflict. The Trump administration appears intent on weakening Iran’s capacity to interfere with shipping lanes and escalating economic sanctions that target Iranian oil exports, leveraging secondary sanctions against nations and companies buying Iranian crude.

The ongoing conflict has significantly disrupted global energy markets, as the war approaches its seventh month. U.S. Treasury Secretary Scott Bessent noted that Iran’s aggressive actions result from the economic strain imposed by sanctions, describing the situation as a “kinetic” response to mounting pressure. Policy experts view this as a strategic endurance battle, with the unpredictable nature of U.S. moves creating uncertainty for Tehran. Meanwhile, continued instability in the region remains a major factor driving oil prices higher.