Oil prices rise 1.5% as Iran threatens response to US strikes

Oil prices climbed on July 30, 2026, after the United States conducted extensive strikes against Iran, and Iran's Islamic Revolutionary Guard Corps threatened to escalate further. Brent crude futures rose 1.5% to $92.10 a barrel, while U.S. West Texas Intermediate futures advanced 0.9% to $85.23 per barrel. The strikes, which the U.S. Central Command called a "powerful response" to attempted Iranian attacks on American forces, targeted dozens of Islamic Revolutionary Guard Corps sites across Iran, including military command centers, missile and drone facilities, and coastal surveillance and defense sites. The operation lasted two hours and followed a warning from former President Trump, who told a Fox News reporter early on July 29, 2026, that Iran would "get a beating." The conflict, which began in late February, has disrupted shipping through the Strait of Hormuz and caused volatility in oil markets. Diplomats had previously paused hostilities to allow peace talks, but the latest strikes dashed hopes for de-escalation. Traders now look to the OPEC+ meeting on Sunday, where the group is expected to announce a supply increase of 188,000 barrels per day for September. ING strategists noted in a Wednesday note that uncertainty around the group's policy, including potential pushback on output quotas, will persist through 2027.