Iran strikes drive oil price gains
The end of the U.S.-Iran ceasefire is driving oil prices higher and creating uncertainty for future energy prices.
© Filip Singer, Pool Photo via Associated Press
On Tuesday, the U.S. said it was striking Iran in retaliation for attacks on three commercial ships in the Strait of Hormuz.
On Wednesday, President Trump declared that the ceasefire that ended months of conflict was “over” and said that negotiating with Iran was a “waste of time.”
And later Wednesday, the U.S. said it would conduct further strikes on Iran.
By Wednesday evening, the price of crude oil had jumped significantly higher than where it was at the start of the week. U.S. benchmark WTI was trading at about $75 per barrel while international benchmark Brent Crude was trading at $79, up from about $69 and $72 respectively on Monday.
While these prices are significantly higher than they have been in recent days, they’re still well below the highs they saw at the height of the war, when they reached as much as about $120 per barrel.
That’s because traders are waiting to see what actually happens now that the ceasefire is over.
Robert Weiner, professor of international business at George Washington University, said that the market is pricing in “a slightly increased chance of problems in exporting oil” but added that he wouldn’t be surprised “if tomorrow or the next day there’s more news that lessens the effects of this.”
Over the next few days, prices are expected to “continue to creep up,” said Ken Medlock, a fellow in energy and resource economics at Rice University’s Baker Institute.
But, he said, whether or not prices climb dramatically will depend on whether shipments are able to make it through the Strait of Hormuz, a key oil shipping chokepoint off Iran’s coast.
Read more at TheHill.com.
Welcome to The Hill’s Energy & Environment newsletter, I’m Rachel Frazin — keeping you up to speed on the policies impacting everything from oil and gas to new supply chains.
How policy will affect the energy and environment sectors now and in the future:
The end of the U.S.-Iran ceasefire is driving oil prices higher and fueling uncertainty over future energy prices.
The White House has launched 25 “Freedom Fuel” gas stations in an attempt to provide Americans a cheaper option at the pump.
U.S. airlines paid billions of dollars more for jet fuel in May, in the second consecutive month that fuel costs exceeded $6 billion, according to government data released Tuesday.
News we’ve flagged from other outlets touching on energy issues, the environment and other topics:
The ‘time-consuming’ permits dozens of data centers are skipping (E&E News)
Europe may face ‘more deadly weeks’ as new heatwave builds, WHO warns (Reuters)
Two key stories on The Hill right now:
President Trump confirmed Wednesday that he’s taking the old Air Force One back to the U.S. from Turkey but deflected questions about security concerns regarding the new Qatari-donated model. Read more
An Iranian official on Wednesday warned Gulf states that Iran has “no red lines” when it comes to its defense, following a threat from President Trump to launch another “big attack” on Iran in retaliation for its attacks on commercial ships Read more
You’re all caught up. See you tomorrow!
Copyright 2026 Nexstar Media Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Read the full story at The Hill ↗
Tensions between the U.S. and Iran have escalated following the end of a ceasefire. The U.S. conducted military strikes in response to Iranian attacks on commercial ships in the Strait of Hormuz, and President Trump stated that negotiations with Iran are unproductive. Crude oil prices increased on Wednesday—WTI rose to approximately $75 per barrel and Brent Crude to $79, up from $69 and $72 respectively on Monday. While these prices represent a significant weekly increase, they remain substantially below the peaks reached during earlier conflict periods. Energy economists note that future price movements will depend largely on whether shipping through the Strait of Hormuz, a critical oil transport route, remains unobstructed.
Read the full story at The Hill ↗
The end of the U.S.-Iran ceasefire is driving oil prices higher and creating uncertainty for future energy prices.
© Filip Singer, Pool Photo via Associated Press
On Tuesday, the U.S. said it was striking Iran in retaliation for attacks on three commercial ships in the Strait of Hormuz.
On Wednesday, President Trump declared that the ceasefire that ended months of conflict was “over” and said that negotiating with Iran was a “waste of time.”
And later Wednesday, the U.S. said it would conduct further strikes on Iran.
By Wednesday evening, the price of crude oil had jumped significantly higher than where it was at the start of the week. U.S. benchmark WTI was trading at about $75 per barrel while international benchmark Brent Crude was trading at $79, up from about $69 and $72 respectively on Monday.
While these prices are significantly higher than they have been in recent days, they’re still well below the highs they saw at the height of the war, when they reached as much as about $120 per barrel.
That’s because traders are waiting to see what actually happens now that the ceasefire is over.
Robert Weiner, professor of international business at George Washington University, said that the market is pricing in “a slightly increased chance of problems in exporting oil” but added that he wouldn’t be surprised “if tomorrow or the next day there’s more news that lessens the effects of this.”
Over the next few days, prices are expected to “continue to creep up,” said Ken Medlock, a fellow in energy and resource economics at Rice University’s Baker Institute.
But, he said, whether or not prices climb dramatically will depend on whether shipments are able to make it through the Strait of Hormuz, a key oil shipping chokepoint off Iran’s coast.
Read more at TheHill.com.
Welcome to The Hill’s Energy & Environment newsletter, I’m Rachel Frazin — keeping you up to speed on the policies impacting everything from oil and gas to new supply chains.
How policy will affect the energy and environment sectors now and in the future:
The end of the U.S.-Iran ceasefire is driving oil prices higher and fueling uncertainty over future energy prices.
The White House has launched 25 “Freedom Fuel” gas stations in an attempt to provide Americans a cheaper option at the pump.
U.S. airlines paid billions of dollars more for jet fuel in May, in the second consecutive month that fuel costs exceeded $6 billion, according to government data released Tuesday.
News we’ve flagged from other outlets touching on energy issues, the environment and other topics:
The ‘time-consuming’ permits dozens of data centers are skipping (E&E News)
Europe may face ‘more deadly weeks’ as new heatwave builds, WHO warns (Reuters)
Two key stories on The Hill right now:
President Trump confirmed Wednesday that he’s taking the old Air Force One back to the U.S. from Turkey but deflected questions about security concerns regarding the new Qatari-donated model. Read more
An Iranian official on Wednesday warned Gulf states that Iran has “no red lines” when it comes to its defense, following a threat from President Trump to launch another “big attack” on Iran in retaliation for its attacks on commercial ships Read more
You’re all caught up. See you tomorrow!
Copyright 2026 Nexstar Media Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Read the full story at The Hill ↗
The U.S. conducted strikes on Iran on Tuesday in response to Iranian attacks on three commercial ships in the Strait of Hormuz President Trump declared the ceasefire ended and stated that negotiating with Iran is a 'waste of time' WTI crude rose to approximately $75 per barrel and Brent Crude to $79 by Wednesday evening, up from $69 and $72 on Monday Current oil prices remain significantly below the highs of approximately $120 per barrel reached during the height of the war Market traders are waiting to see what materializes now that the ceasefire is over The market is pricing in a slightly increased chance of problems in exporting oil Oil prices are expected to continue increasing over the next few days Whether prices climb dramatically will depend on whether shipments can transit the Strait of Hormuz
Read the full story at The Hill ↗
- U.S. and Iran ceasefire has ended, with the U.S. conducting strikes on Iran and President Trump declaring negotiations a 'waste of time'
- Oil prices rose significantly Wednesday: WTI crude to ~$75/barrel and Brent Crude to ~$79, up from ~$69 and ~$72 on Monday
- Prices remain well below war-time highs of ~$120/barrel; further movement depends on whether oil shipments can transit the Strait of Hormuz