{"id":140235,"date":"2026-05-08T07:02:45","date_gmt":"2026-05-08T07:02:45","guid":{"rendered":"https:\/\/chezaspin.com\/blog\/oil-prices-rise-after-us-and-iran-exchange-fire-in-hormuz-strait\/"},"modified":"2026-05-08T07:02:45","modified_gmt":"2026-05-08T07:02:45","slug":"oil-prices-rise-after-us-and-iran-exchange-fire-in-hormuz-strait","status":"publish","type":"post","link":"https:\/\/chezaspin.com\/blog\/oil-prices-rise-after-us-and-iran-exchange-fire-in-hormuz-strait\/","title":{"rendered":"Oil prices rise after US and Iran exchange fire in Hormuz strait"},"content":{"rendered":"

Oil prices rose on Friday in Asia after the US and Iran exchanged fire in the key Strait of Hormuz waterway.<\/strong><\/p>\n

The US military said it intercepted what it called \u201cunprovoked\u201d Iranian attacks \u2013 including missiles, drones and small boats \u2013 and carried out self\u2011defence strikes as its ships were heading out of the Gulf through the strait.<\/p>\n

In mid-morning trade, global oil benchmark Brent was up by 1.5% at $101.60 (\u00a374.50) 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.<\/p>\n

It came after President Donald Trump said the US-Iran ceasefire, which he extended indefinitely on 21 April to allow more time for peace talks, is still in place.<\/p>\n

After the strikes, Trump told reporters that negotiations with Iran are ongoing, repeating Washington\u2019s demand that Tehran must never have a nuclear weapon.<\/p>\n

\u201cThe talks are going very well, but they have to understand if it doesn\u2019t get signed, they\u2019re going to have a lot of pain\u201d, he said.<\/p>\n

\u201cI believe they want the deal more than I do.\u201d<\/p>\n

Oil prices have risen again due to concerns that military action along the Strait of Hormuz could further threaten energy shipments through the crucial trade route, said associate professor Jiajia Yang from Australia\u2019s James Cook University.<\/p>\n

Traders view the ceasefire as a \u201cfragile\u201d one, and have reacted accordingly even as the US and Iran play down tensions, said National University of Singapore economics researcher Huifeng Chang.<\/p>\n

Trump told reporters that three US destroyers were involved in the latest exchange of fire.<\/p>\n

Several Iranian small boats had been \u201ccompletely destroyed\u201d and missiles that had targeted the US ships were \u201ceasily knocked down\u201d, he said on social media.<\/p>\n

Iran\u2019s military accused the US of violating the ceasefire by targeting its ships, including an oil tanker, that were moving towards the Strait of Hormuz, according to Islamic Republic of Iran Broadcasting.<\/p>\n

It said \u201caerial attacks\u201d were also carried out along the coastline near the strait, prompting Iranian forces to respond by attacking the US military vessels, inflicting \u201csignificant damage.\u201d<\/p>\n

The US military has denied that its ships had been hit.<\/p>\n

US Central Command also said it was not seeking to escalate the conflict.<\/p>\n

Iranian state media later reported that the situation \u201cis back to normal now\u201d.<\/p>\n

Trump also told ABC News that the Iran strikes were \u201cjust a love tap\u201d.<\/p>\n

This week, Trump said that the war, which started on 28 February when the US and Israel attacked Iran, will be \u201cover quickly\u201d as Washington pushes for a framework for more detailed negotiations with Tehran.<\/p>\n

Energy prices have surged since the start of the conflict after Iran threatened to attack ships in the critical Strait of Hormuz trade route in retaliation to the US-Israeli strikes.<\/p>\n

More than a fifth of the world\u2019s oil and gas shipments usually pass through the waterway.<\/p>\n

The post Oil prices rise after US and Iran exchange fire in Hormuz strait<\/a> appeared first on KBC Digital<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"

Oil prices rose on Friday in Asia after the US and Iran exchanged fire in the key Strait of Hormuz waterway. The US military said it intercepted what it called \u201cunprovoked\u201d Iranian attacks \u2013 including missiles, drones and small boats \u2013 and carried out self\u2011defence strikes as its ships were heading out of the Gulf […]<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-140235","post","type-post","status-publish","format-standard","hentry","category-uncategorized","entry"],"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"","jetpack-related-posts":[],"_links":{"self":[{"href":"https:\/\/chezaspin.com\/blog\/wp-json\/wp\/v2\/posts\/140235","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/chezaspin.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/chezaspin.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/chezaspin.com\/blog\/wp-json\/wp\/v2\/comments?post=140235"}],"version-history":[{"count":0,"href":"https:\/\/chezaspin.com\/blog\/wp-json\/wp\/v2\/posts\/140235\/revisions"}],"wp:attachment":[{"href":"https:\/\/chezaspin.com\/blog\/wp-json\/wp\/v2\/media?parent=140235"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/chezaspin.com\/blog\/wp-json\/wp\/v2\/categories?post=140235"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/chezaspin.com\/blog\/wp-json\/wp\/v2\/tags?post=140235"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}