Oil Prices Rebound Amid Renewed U.S.-Iran Tensions

Oil prices rebounded on May 28, 2026, as investors assessed revived geopolitical risks from U.S.-Iran tensions that could threaten global supply flows. West Texas Intermediate crude for July delivery rose 2.1% to $72.50 a barrel, while Brent crude futures added 1.8% to $76.80, snapping a two-day losing streak. The rally followed Washington's accusation that Tehran was accelerating uranium enrichment, raising the prospect of stricter sanctions that could curtail Iranian exports. Market participants fear any disruption to the Strait of Hormuz, a critical chokepoint for global crude shipments. Goldman Sachs analysts estimated a potential $5-to-$7 risk premium could return to oil if escalation persists. Gains were capped by lingering concerns over global economic growth and U.S.-China trade frictions, keeping prices below last week's three-month highs.