The US military escalated its military actions against Iran on Wednesday evening, executing a new series of air strikes that sent shockwaves through global oil markets. Following days of heightened tensions between Washington and Tehran, Brent crude futures surged by as much as 3.4%, breaking the $96 per barrel threshold after experiencing a dip earlier in the week. Similarly, West Texas Intermediate (WTI) crude contracts rose by approximately 3.8%, climbing above $93 per barrel.
The surge in oil prices receded slightly—by about 1%—after reports emerged from Fox News regarding President Trump’s direct communication with Iranian leaders, suggesting that the bombing campaign could conclude soon. In remarks attributed to Trump, he indicated a willingness to “bomb the shit out of them” if Iran failed to accept a proposed agreement from the US.
Wednesday marked a day filled with escalating rhetoric from both military and government officials. Throughout the morning, President Trump and Secretary of Defense Pete Hegseth reiterated their resolve for a more aggressive stance toward Iran. In a press conference at the White House, Trump proclaimed, “We’re going to be attacking them, attacking them very hard,” further emphasizing the US’s commitment to intensified military action after initial strikes were carried out on Tuesday.
Almost immediately following the commencement of the airstrikes, Iran’s military command announced that the Strait of Hormuz—a vital waterway for global oil transportation—had been completely shut down. Reports from Iranian media, citing the Revolutionary Guard, claimed that two ships were hit while attempting to navigate out of the Persian Gulf.
Seyed Marandi, an advisor to the Iranian negotiating team involved in talks with US officials in Vienna, publicly expressed his concerns on social media. He attributed the Strait of Hormuz’s closure to what he described as the “psychopath in the White House,” underscoring the heightened tensions and potential for further conflict in the region.
As this situation unfolds, the implications for global oil markets remain significant, with experts closely monitoring both military developments and diplomatic communications for any potential resolutions or escalations.
