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Tensions between Iran and the US return/ Oil prices rise sharply

2026-05-28 07:53:00, Kosova & Bota CNA

Tensions between Iran and the US return/ Oil prices rise sharply

Oil prices have risen sharply after the US carried out new attacks on Iran, targeting a military base in Bandar Abbas, a strategic port city.

US Central Command (CENTCOM) said its forces also shot down four Iranian drones that posed a threat around the Strait of Hormuz.

The price of Brent oil globally rose 3.75% to $97.83 a barrel, while crude oil traded in the US was 4% higher at $92.22.

The attacks come despite a ceasefire between Tehran and Washington as the two countries hold talks to end the three-month conflict that has effectively closed the key Strait of Hormuz waterway, raising the cost of energy worldwide.

About a fifth of the world's oil and liquefied natural gas (LNG) supplies typically pass through the strait. Shortly after the US and Israel launched air strikes on Iran on February 28, Tehran responded by threatening to attack ships using the shipping lane.

Global energy prices have fluctuated sharply since the start of the conflict, with Brent crude briefly rising to around $120 a barrel. Before the war, it was trading at around $70.

Oil prices had fallen sharply this week on hopes that a deal to reopen the Strait of Hormuz would soon be reached. The latest attacks mark the second time in three days that the US has attacked targets in Iran, with Washington saying they were carried out in self-defense.

Centcom confirmed strikes in southern Iran earlier this week, targeting Iranian missile sites and ships attempting to lay mines in the strait.

He said these attacks were designed to protect our troops from threats posed by Iranian forces. Iran called the new attacks a serious violation of the ceasefire and said it would not leave any act of hostility unanswered.  /CNA





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