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Oil jumps 8% as US-Iran war pressures Saudi Arabia, explosions hit Egypt
Oil jumps 8% as US-Iran war pressures Saudi Arabia, explosions hit Egypt
The price of benchmark Brent crude climbed past $90 per barrel on Wednesday after a renewed round of US-Iran hostilities shattered a days-long lull in fighting and the Houthis targeted Saudi oil exports.
Samuel Wendel
Jul 29, 2026
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A trader works on the floor of the New York Stock Exchange on July 24, 2026, in New York. Oil prices surged past $100 a barrel on July 23 as Iran-backed Houthi rebels targeted Red Sea shipping, as threats by President Donald Trump to strike them in return sent equity markets slumping. — ANGELA WEISS / AFP via Getty Images
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Oil prices jumped on Wednesday after a renewed round of US-Iran hostilities and new regional risks shattered a days-long lull in fighting, dousing cautious market hopes that a resolution was brewing.
International benchmark Brent crude rose nearly 8% to around $90.75 a barrel just after 12:00 pm EDT. That reversed much of last week's decline as Iran launched new strikes and Saudi Arabia joined the US bombing campaign, while Hormuz talks hit a new impasse as new pressures arise simultaneously in the Red Sea, further imperiling global energy flows. Meanwhile, explosions hit a natural gas terminal in Egypt on Wednesday, potentially marking the expansion of the US-Iran war to the Mediterranean coast.
What happened: Oil’s latest rally followed a fresh round of military action after Washington and Saudi Arabia carried out joint strikes........
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