US Statements on Forceful Strike Against Iran Drive Oil Prices Up

Oil prices witnessed a significant surge today, Wednesday, following the announcement by U.S. President Donald Trump that the United States intends to strike Iran forcefully in response to an attack targeting American forces in Jordan. Futures contracts for global benchmark Brent crude, for September delivery, jumped by 7%, reaching $89.98 per barrel. Similarly, futures contracts for U.S. West Texas Intermediate (WTI) crude for the same month rose by 6.65%, settling at $84.53 per barrel. This sharp increase in prices comes after previous declines witnessed by the markets, as oil prices fell earlier in the week following Trump's decision to temporarily halt a series of airstrikes on Iran, which had raised hopes for a diplomatic resolution to the crisis. Prices had surpassed the $100 per barrel mark last week for the first time since May 2026, driven by the escalating intensity of fighting between the two sides and continuous threats to disrupt navigation in the Strait of Hormuz, considered one of the world's most vital waterways for energy transport.