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Oil prices jump over 3% after Iran attacks US forces with ballistic missiles

Market News
28 Jul 2026
CNBC
View Source
Bullish
pluang ai news

Oil prices surged sharply in Asia, with Brent crude rising 3.42% to $86.97 and WTI up 3.58% to $82.09 per barrel, following Iran's ballistic missile attack on US forces in the Middle East. The US and Saudi Arabia retaliated by striking terrorist sites in Iraq after multiple drone attacks by Iran-aligned groups. Additionally, suspicious activity and an explosion were reported in the Red Sea, raising concerns about regional oil supply disruptions amid ongoing Houthi attacks on Saudi oil infrastructure. These geopolitical tensions, combined with market uncertainty over the Federal Reserve's upcoming decision, are driving the spike in oil prices.

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