Washington launches new strikes on Iran amid talks
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The United States conducted new airstrikes on targets in southern Iran on Tuesday while President Donald Trump said negotiations to end the three‑month Iran war were “proceeding nicely.” Oil markets reacted with sharp volatility: West Texas Intermediate futures fell 5.1% to $91.73 per barrel, while Brent crude in Asian trading rose 2% to $98.26, underscoring trader uncertainty about a possible deal or further escalation. UBS estimates crude inventories are rapidly approaching 35‑year lows as Strait of Hormuz flows remain heavily disrupted. The International Energy Agency warns developing Asian and African economies face the greatest strain from the ongoing energy shock.
More context
Timeline
- Before conflict, Hormuz shipped 20.5 million daily
- Three months ago, Iran war significantly disrupted exports
- April, Fed statement highlights energy‑driven inflation risks
- April, ISM manufacturing prices index hits 84
- At peak, Brent crude closes near $120
- Tuesday, United States strikes southern Iran targets
- Tuesday, Trump reports peace talks proceeding
- Today, UBS warns inventories near 35‑year lows
Why it matters
The Iran conflict affects your wallet. Oil prices are swinging wildly due to uncertainty. This could mean higher gas prices and increased costs for anything shipped or flown. Keep an eye on your budget.
Sources
JQJO Editorial Desk · Human reviewed · AI assisted. Report a correction.
