Oil jumps over 3% as US-Iran resume strikes after brief pause

Published Jul 29, 12:52 AM UTC

Oil prices surged in Asian trading on July 29, 2026, following renewed military escalation between the United States and Iran. Iran launched multiple ballistic missiles targeting U.S. forces in the Middle East, according to U.S. Central Command. In retaliation, U.S. and Saudi forces struck multiple terrorist logistics and weapons sites in eastern Iraq, responding to over 30 drone attacks by Iran-aligned militants in the preceding three days. Separately, the UK Maritime Trade Operations Centre reported suspicious activity in the Red Sea after a tanker master heard an explosion while transiting the southern Red Sea. Houthi attacks on Saudi oil infrastructure have further heightened supply concerns. Brent crude futures for September delivery rose 3.42% to $86.97 per barrel, while U.S. West Texas Intermediate advanced 3.58% to $82.09. The price spike was compounded by hawkish comments from Fed Chairman Kevin Warsh ahead of the FOMC decision.