In a significant escalation of military tensions, the US military initiated a new wave of air strikes on Iran late Wednesday, further straining relations between Washington and Tehran. The strikes, taking place after a series of threats from US officials, sparked a sharp rise in oil prices, with Brent crude futures climbing as much as 3.4% to exceed $96 per barrel, while US benchmark WTI crude saw a gain of up to 3.8%, moving above $93 per barrel.
This surge followed a notable dip earlier in the week, highlighting the volatile nature of the oil market amid geopolitical instability. Shortly after the airstrikes commenced, prices saw a slight rollback of approximately 1% following reports from Fox News detailing remarks made by President Trump, who claimed to have conversed directly with Iranian leaders and suggested that the bombing campaign would conclude soon. Trump reportedly threatened further action against Iran if negotiations did not yield a favorable result, stating, “We would bomb the shit out of them” should they refuse to sign a proposed agreement.
Prior to the airstrikes, both Trump and Secretary of Defense Pete Hegseth had underscored the US’s intent to intensify its military operations against Iran. Trump asserted, “We’re going to be attacking them, attacking them very hard,” which set the stage for the military action taken later that evening.
In response to the strikes, Iran’s military command responded swiftly, asserting that the Strait of Hormuz, a vital channel for global oil transportation, was now effectively closed. Reports from Iranian media, referencing the Revolutionary Guard, indicated that two vessels had been targeted while attempting to navigate the Strait from the Persian Gulf.
Seyed Marandi, an advisor to Iran’s negotiating team, expressed his outrage on social media, attributing the closure of the Strait to the “psychopath in the White House,” emphasizing the heightened tensions that now threaten international oil shipping routes. The unfolding events mark a pivotal moment in US-Iran relations, highlighting the precarious balance of power and the broader implications for global energy markets.
