Commodities
Home›Commodities›Energy›Oil rebounds as Trump warns Iran after attacks on US f…
Oil rebounds as Trump warns Iran after attacks on US forces
Brent rose 7.5% to $88.1 a barrel and WTI climbed nearly 6.3% to $85.53 amid renewed Strait of Hormuz supply disruption fears.
LiveMint Markets reported that crude prices rebounded on Wednesday, July 29, after US President Donald Trump warned of consequences for Iran following an attempted attack on US forces. Brent crude climbed 7.5% to $88.13 a barrel, while US benchmark WTI rose about 6.3% to $85.53 a barrel.
The renewed fighting reignited concerns about supply disruptions after days of relatively calmer conditions, with markets focusing again on the Strait of Hormuz. The waterway is described as passing nearly 20% of the world's seaborne oil trade, making it a key chokepoint during Middle East escalations.
The outlet said the latest escalation came after Iran launched attacks on US forces stationed across the region overnight, while the US and Saudi Arabia targeted Iran-backed militias in Iraq. Trump reiterated that diplomatic talks with Tehran would continue despite the escalation, and the article noted he said overnight attacks were intercepted.
LiveMint Markets added that hopes for a lasting ceasefire remain fragile, particularly as disagreements persist over reopening the Strait of Hormuz, which Iran effectively closed during the conflict. The piece also said traders have been rebuilding a geopolitical risk premium into crude prices following the shift in hostilities.
Latest closeWTI crude $81.23 ▼1.7%|Brent $85.92 ▼2.8%