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US Strikes Iran; Brent $99, Rubio Urges Open Hormuz

5/26/2026

25 6 Full Breakdown

Summary

Story summary

U.S. forces carried out defensive strikes on Iranian missile sites and vessels in the south on 26 May 2026.
Brent crude rose more than 3% to $99.18 a barrel by 08:20 GMT on 26 May.
West Texas Intermediate fell about 4% to $92.60 a barrel after the strikes.
Secretary of State Marco Rubio said the Strait of Hormuz must stay open and a memorandum could be reached in a few days.

History

Historical Context

In January 1991 the U.S.-led coalition began air attacks that forced retreating Iraqi forces to set fire to more than 700 Kuwaiti oil wells and facilities, creating massive smoke plumes and a temporary oil-price spike. The same pattern reappeared on 26 May 2026 when U.S. strikes on Iranian missile sites in the Strait of Hormuz revived similar market volatility, underscoring how regional conflicts repeatedly destabilize energy markets.

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Story summary

U.S. forces carried out defensive strikes on Iranian missile sites and vessels in the south on 26 May 2026.
Brent crude rose more than 3% to $99.18 a barrel by 08:20 GMT on 26 May.
West Texas Intermediate fell about 4% to $92.60 a barrel after the strikes.
Secretary of State Marco Rubio said the Strait of Hormuz must stay open and a memorandum could be reached in a few days.

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