Oil jumps over $90 as US-Iran conflict hits markets

Oil prices surged and global stock markets experienced sharp declines on Wednesday, July 29, 2026, after renewed military strikes shattered a brief ceasefire between the United States and Iran, reigniting fears over energy supply security and rattling investor confidence. The price of Brent crude, the global benchmark, leaped to over $90 a barrel, while the American benchmark West Texas Intermediate jumped to more than $84.

The immediate trigger for the market volatility was a resumption of hostilities in the Middle East. The U.S. military reported that on Tuesday it had intercepted multiple ballistic missiles launched by Iran in what it described as an attempted surprise attack on American forces. Separately, U.S. and Saudi Arabian forces conducted strikes against Iran-backed militias in Iraq. These actions ended approximately three days of calm that had followed nearly two weeks of sustained conflict. Iran also stated on Wednesday that it had halted three oil tankers in the Strait of Hormuz, a critical chokepoint for global crude shipments.

The renewed fighting abruptly reversed a recent decline in oil prices, which had fallen on hopes that diplomatic efforts might ease...