Oil prices rise after US and Iran exchange fire in Hormuz strait
In mid-morning trade, global oil benchmark Brent was up by 1.5% at $101.60 (£74.50) a barrel, as it eased back from a gain of more than 2% earlier in the session. US-traded oil was 1.1% higher at $95.87. Kenya breaking news | Kenya news today |..
✨ Key Highlights
Oil prices rose in Asia following an exchange of fire between the US and Iran in the vital Strait of Hormuz.
- Brent crude jumped 1.5% to $101.60 a barrel, with US-traded oil up 1.1%.
- Key figures involved: US President Donald Trump and Iran.
- The incident occurred despite a ceasefire extension announced by President Trump on April 21, with reports of missiles, drones, and small boats being involved.
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Oil Prices Rise After US and Iran Exchange Fire in Hormuz Strait - May 2026
Oil prices rose in Asia following an exchange of fire between the US and Iran in the vital Strait of Hormuz. Amidst the global cost of the US-Iran war, several companies are experiencing record profits as the conflict's impact on energy prices and market volatility creates significant financial gains for specific industries. Tanzania has also seen a significant increase in its retail fuel prices, with the Energy and Water Utilities Regulatory Authority announcing new rates effective Wednesday. These developments highlight the cascading economic effects of geopolitical tensions on energy markets across different regions.
