Oil prices surged more than 6% on Wednesday after President Donald Trump vowed a forceful response to Iran's attempted missile attack on U.S. forces in the Middle East, according to CNBC.
The report said Brent crude climbed about 6.5% while U.S. West Texas Intermediate gained roughly 6.3% after Trump warned that Iran "is going to get a beating" and said the United States would "hit them hard."
Axios reported that Iran targeted a U.S. military base in Jordan, while U.S. Central Command said all incoming missiles were intercepted.
The report said the renewed fighting ended hopes of near-term de-escalation, reversing an earlier decline in oil prices.
Analysts also warned that continued threats to shipping through the Strait of Hormuz and the Red Sea could keep global energy markets under sustained pressure.
Related Tweet:
#Oil prices jumped more than 6% after President Trump pledged a forceful response to an attempted Iranian missile attack on US forces, ending hopes of a near-term de-escalation in the Middle East conflict.
— FXCM (@FXCMOfficial) July 29, 2026
With continued threats to shipping through the Strait of Hormuz and the… pic.twitter.com/PtzHck7bG9
Also Read:
Power & Capital Desk
