Oil tankers and cargo ships docked at Port Sultan Qaboos on June 21, 2026 in Muscat, Oman. The Strait of Hormuz, a key oil and gas transit route for the region, has been effectively closed since the outbreak of war between the United States and Iran in late February. On Sunday, US Vice President JD Vance arrived in Switzerland for high-level talks with the Iranian delegation, as both sides seek to clarify terms for ending the war.
Elke Scholars | Getty Images News | Getty Images
Oil prices rose on Wednesday after the US launched new strikes on Iran in retaliation for Tehran’s attack on commercial vessels in the Strait of Hormuz.
West Texas Intermediate Futures for August delivery rose 2.87% to $72.46 per barrel. Futures for International benchmark Brent crude for September delivery jumped 2.75% to $76.18 per barrel.
The US Navy said it had launched a “series of heavy-handed strikes” against Iran after three commercial ships passing through the Strait of Hormuz were attacked on Tuesday, warning Tehran that it would face “huge costs” for targeting trade.
“The strikes follow an Iranian attack on three commercial vessels that were passing through the Strait of Hormuz. The Iranian attack was unnecessary, dangerous, and a clear violation of the ceasefire,” US Central Command said in a post on X.
The latest exchange threatens to test a fragile ceasefire reached last month that reopened the vital Strait of Hormuz to commercial shipping after months of disruption.
In a sign that things have taken a turn for the worse, the US Treasury Department on Tuesday revoked a waiver that had allowed Iran to sell its oil.
“Iran will only benefit if it behaves well,” a US official told CNBC, speaking on condition of anonymity to discuss private negotiations. “Iran’s actions in the Strait were totally unacceptable to the United States and they will face consequences.”
Three ships were attacked in or near the Strait of Hormuz on Tuesday, according to the US-led Joint Maritime Information Center, which described the threat of ships crossing the strait as “very serious,” warning of possible hostile action by Iran.
“It is not in Iran’s interest to resolve the deal by gaining power over Trump only to increase it as we approach November, although yesterday’s attack coincided with the ongoing funeral celebrations of Ali Khamenei,” said Andrew Jackson, strategist at Ortus Advisors.
The US mid-term elections are in November, and inflation caused by conflicts in the Mideast should raise the political stakes in the Trump administration.
“The accompanying jump in oil and commodities and the possibility that the Fed will be forced to take a hawkish stance on inflation is here to stay,” he said in an email. The 10-year Treasury yield was trading 2 points higher at 4.549%.
— CNBC’s Spencer Kimball and Megan Cassella contributed to this report.
