Oil prices jump after US attacks Iranian military site in Bandar Abbas

By  News On Air   May 28, 2026

Oil prices have jumped sharply after the US carried out new attacks on Iran, targeting a military site in Bandar Abbas, a strategic port city. Global oil benchmark Brent rose by 3.75 percent to 97.83 dollar a barrel, while US-traded crude was 4 percent higher at 92.22 dollar. Around a fifth of the world’s oil and liquefied natural gas (LNG) supplies usually pass through the strait. The cost of oil had fallen sharply this week on hopes that a deal would soon be reached to reopen the Strait of Hormuz.