Global oil price gains 3% as U.S. Military strikes on Iran add to peace deal uncertainty
Brent crude oil prices increased by 3% following U.S. military strikes in Iran, which have raised concerns about the ongoing conflict and potential peace negotiations. U.S. Secretary of State Marco Rubio indicated that a deal with Iran might take several days to finalize, dampening hopes for an immediate resolution. The situation has led to restricted shipping flows through the Strait of Hormuz, impacting global oil supply.
- ▪Brent crude oil rose 3% to $99.18 a barrel after U.S. military strikes in Iran.
- ▪U.S. Secretary of State Marco Rubio stated that negotiations with Iran could take a few days.
- ▪Iran has halted nearly all non-Iranian shipping through the Strait of Hormuz since the war began.
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Brent crude oil rose 3% on Tuesday (May 26, 2026) after the U.S. military carried out strikes in Iran, adding to uncertainty on whether a deal will be imminently reached to end the war and open up shipping flows through the Strait of Hormuz.U.S. Secretary of State Marco Rubio said on Tuesday (May 26, 2026) that negotiating a deal with Iran could "take a few days", quashing hopes for an imminent end to the conflict a day after U.S. forces conducted what Washington called defensive strikes in southern Iran.Iran-Israel war LIVE updates"We are still waiting for more details on a potential deal," said Giovanni Staunovo at UBS. "Meanwhile we see renewed tesions in the West Asia, while flows through the Strait remain restricted." U.S.
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