Oil Prices Jump 6% After Trump Vows Retaliation Against Iran

29.07.2026 · By Bernal Fintech Markets Desk

Oil prices surged more than 6% on Wednesday as tensions in the Middle East escalated following Iranian ballistic missile attacks on U.S. forces and President Donald Trump’s vow of retaliation. The rise in crude oil prices comes amid renewed fears of regional conflict, with the Strait of Hormuz still closed and reports of Iranian attacks on U.S. military installations in Jordan and Iraq.

According to multiple sources, Iran’s Islamic Revolutionary Guard Corps (IRGC) launched ballistic missiles at a U.S. base in Jordan, which was confirmed by the U.S. Central Command (CENTCOM). This attack, along with reports of Iranian strikes on U.S. forces in Iraq, triggered a sharp rise in oil prices. The U.S. military and Saudi Arabia also conducted joint strikes against Iran-aligned militant groups in Iraq, further heightening regional tensions.

Escalating Regional Tensions

The attacks and retaliatory strikes have reignited concerns about a broader conflict in the Middle East. The Strait of Hormuz, a critical global oil shipping route, remains closed, which has contributed to the upward pressure on oil prices. The U.S. military confirmed that it intercepted an Iranian missile barrage and worked with Saudi Arabia to strike sites in Iraq used by Iran-backed militias. These actions have led to at least 20 deaths among members of a former paramilitary alliance that includes pro-Iran groups.

Iran’s actions were described by the U.S. as an “attempted surprise attack” by Tehran, which had launched multiple ballistic missiles at U.S. forces in the Middle East. This incident shattered a brief pause in hostilities and has raised fears of further escalation. The U.S. has vowed to respond forcefully, with President Trump indicating that the U.S. would order heavy strikes against Iran in retaliation.

What it means for markets

The surge in oil prices has sent shockwaves through global markets, with West Texas Intermediate (WTI) crude rising nearly 4% and putting pressure on Bitcoin’s recent rally. The situation has also led to a sell-off in U.S. stock futures, as investors brace for potential geopolitical risks and economic uncertainty. The ongoing conflict in the Middle East is likely to continue influencing oil prices and broader financial markets in the coming days.