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strikeMay 7, 2026

Oil jumps following fresh clashes between US and Iranian forces

Summary

Oil jumps following fresh clashes between US and Iranian forces - A cargo ship docked at UAE's Fujairah port on May 6, as the US-Israel conflict with Iran limits marine traffic in the Strait of Hormuz. PHOTO: REUTERS OIL jumped following renewed clashes between US and Iranian forces, jeopardising the outlook for a deal to end the 10-week war. West Texas Intermediate rose toward US$98 a barrel after a volatile session on Thursday (May 7), while Brent closed near US$100. US forces intercepted unprovoked Iranian attacks and responded with self-defence strikes as guided-missile destroyers transited the Strait of Hormuz, US Central Command said. The global oil market’s focus remains on the strait, which has been effectively closed since the start of the conflict. That has triggered an unprecedented energy supply shock, with vital shipments of crude choked off and wells across the region shut in. The key waterway is under a double blockade, with Teheran obstructing traffic, while US prevents ships calling at or leaving Iranian ports. Until traffic through the strait returns to at least a major percentage of where it was, “the downside in crude prices will remain limited,” said Dennis Kissler, senior vice president for trading at BOK Financial Securities. BLOOMBERG Decoding Asia newsletter: your guide to navigating Asia in a new global order. Sign up here to get Decoding Asia newsletter. Delivered to your inbox. Free. Share with us your feedback on BT's products and services TRENDING NOW On the board but frozen out: The Taib family feud tearing Sarawak construction giant apart Dim sum chain Tim Ho Wan ramps up North America, Hong Kong expansion after Jollibee acquisition GameStop CEO says eBay shut his account after buyout funding stunt Thai and Vietnamese farmers may stop planting rice because of the Iran war. Here’s why

Perspectives

Iranian Official

Iranian forces exercised their sovereign right to defend territorial waters in the Strait of Hormuz against repeated US and Israeli aggression, repelling unprovoked incursions by American destroyers. This legitimate resistance has disrupted hostile shipping and driven oil prices sharply higher, exposing the impact of foreign attempts to choke Iranian energy exports. Tehran remains committed to countering such external blockades and interference in the region.

Israeli

Iran's unprovoked attacks on US naval assets transiting the Strait of Hormuz expose the regime's strategy of using proxy networks to choke global energy supplies and threaten Israel's survival during the ongoing conflict. These aggressions, met by necessary US self-defense strikes, have effectively closed the vital waterway and triggered severe supply shocks that empower Tehran's destabilizing aims. Defensive resolve remains essential to counter this existential peril and restore secure passage.

Neutral

Oil prices rose after reported clashes involving US and Iranian forces in the Strait of Hormuz. West Texas Intermediate crude approached US$98 per barrel while Brent neared US$100 on May 7, according to market data. US Central Command stated that forces intercepted attacks and conducted self-defense strikes as vessels transited the strait, which has faced traffic restrictions since the start of the 10-week conflict.

Western

Oil prices surged after Iranian forces launched attacks on US naval assets transiting the Strait of Hormuz, prompting precise self-defense strikes by US guided-missile destroyers that neutralized the immediate threats. These actions underscore ongoing US efforts to secure freedom of navigation and counter Iranian attempts to choke critical energy supply routes amid the broader conflict. The resulting disruption has tightened global crude markets, with WTI approaching $98 and Brent near $100 per barrel.

Pro-Peace

Renewed US-Iranian clashes in the Strait of Hormuz have spiked oil prices toward $100 a barrel, deepening an energy supply shock from the 10-week war that has already shuttered wells and blocked critical shipments, driving up costs for fuel, food, and medicine that hit civilians hardest. The double blockade inflicts mounting humanitarian suffering on regional populations and global communities reliant on stable energy access. Diplomatic efforts to revive talks and de-escalate remain the only path to averting further loss of life and economic devastation.

Global South

US and Iranian forces clashed again in the Strait of Hormuz, driving oil prices sharply higher as Western naval operations effectively sealed a critical energy artery long vital to Global South economies. The moves reflect persistent neo-colonial patterns of external powers dictating maritime access and resource flows, overriding the sovereignty of littoral states and choking supplies to non-aligned nations. International institutions have once more proven unable to restrain such escalations or protect equitable energy transit.

Actors involved

USIsraelIran

Sources

  • CurrentsAPI

    Oil jumps following fresh clashes between US and Iranian forces - A cargo ship docked at UAE's Fujairah port on May 6, as the US-Israel conflict with Iran limits marine traffic in the Strait of Hormuz. PHOTO: REUTERS OIL jumped following renewed clashes between US and Iranian for…

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