Oil price today: Brent crude jumps 2%, WTI inches close to $90 as US strikes on Iran dim peace hopes

On 26 May 2026, the US military carried out what it called 'self-defense' strikes on Iranian missile launch sites and mine-laying boats in southern Iran near the Strait of Hormuz, including around Bandar Abbas, despite a ceasefire. The US said it acted to defend its troops. The strikes came as delegations gathered in Qatar for talks; Trump spoke of progress on a deal and Rubio said a deal could take days. Anadolu Agency reported that US and Israeli aircraft struck Iranian boats.

Iran said it downed a US MQ-9 Reaper drone and forced other aircraft to retreat. Brent crude rose about 2% with WTI close to $90, and the dollar climbed. Trump also said Iran's enriched uranium could be destroyed outside the US.