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Oil Price Impact
Rising oil prices following increased tensions in the Gulf region.
Primary Sources
Fresh attacks in the Gulf spark fears of renewed war with Iran
BEIRUT — Confusion reigned on Monday over the fate of a fragile ceasefire between the United States and Iran after a wave of fresh strikes on the United Arab Emirates and Oman, along with reports of attacks on ships in the Strait of Hormuz, undermined confidence in the truce.The drone and missile strikes, the first since a ceasefire halted fighting in early April, come after the Trump administration launched a wide-scale naval operation on Monday to “guide” stranded maritime vessels out of the vital waterway.But fears over a return to war have driven another surge in oil prices, pushing them above $114 per barrel — levels not seen since the ceasefire nearly a month ago. Hundreds of cargo ships from dozens of countries remain stuck in the Gulf. And strikes in Dubai have raised concerns about further disruptions to international air travel at one of the world’s busiest airports.Iran’s state-run news agency, IRNA, said the new U.S. operation was part of President Trump’s “delirium,” after the Islamic Revolutionary Guard Corps warned that passage through the strait required prior approval from Tehran.“We warn that any foreign armed force, especially the invading American army, will be attacked if they attempt to approach and enter the Strait of Hormuz,” said Maj. Gen. Ali Abdollahi, according to a statement reported by the Iranian state-run Mehr News Agency on Monday.The operation, which Trump over the weekend dubbed Project Freedom, is supported by 15,000 U.S. service members and 100 aircraft, according to U.S. Central Command. Their aim is to deny Tehran control over the strait, a narrow, 21-mile-wide passageway through which a fifth of global energy supplies flows.On Monday, Trump vowed Iran’s forces will be “blown off the face of the Earth” if they attempt to disrupt Project Freedom.“We have more weapons and ammunition at a much higher grade than we had before,” Trump was quoted as saying in an interview with Fox News. “We have the best equipment,” he continued. “We have stuff all over the world. We have these bases all over the world. They’re all stocked up with equipment. We can use all of that stuff, and we will, if we need it.”Iran blocked traffic through the strait soon after the United States and Israel launched their campaign on the country. Last month, days after a ceasefire between Washington and Tehran came into effect, the United States enforced its own naval blockade on Iranian ports in a bid to pressure Iran to make concessions in stalled nego...
Iran military warns of 'surprising' methods of warfare if attacked again
NewsFeedIran’s army spokesman Mohammad Akraminia says if the ‘enemy’ were to attack again, they would face ‘surprising’ new methods of warfare and arenas of retaliation. He added that countries which sanction Iran will ‘face problems’ crossing the Strait of Hormuz.Published On 10 May 2026
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Latest on the Iran War: U.S. Fires on Tankers as Tehran Accuses ...
The latest strikes came a day after the U.S. military and Iran exchanged fire in the Strait of Hormuz — fighting that the Iranian military said was triggered by an earlier U.S. attack on another ...
