Oil prices rise again as US launches new strikes on Iran

26th May 2026 07:22

(Sharecast News) - Oil prices rose again on Tuesday after the US launched new strikes on Iran, threatening the fragile ceasefire that began on 8 April.

Having tumbled on Monday amid signs of progress in peace talks between the two, Brent crude was up 2.2% at $98.23 a barrel at 0750 BST on Tuesday.

The US struck Iranian missile launch sites and mine-laying boats in southern Iran overnight, with Central Command (Centcom) saying it was an act of self-defence. Centcom spokesperson Navy captain Tim Hawkins said Centcom "continues to defend our forces while using restraint during the ongoing ceasefire".

US Secretary of State Marco Rubio said a peace deal with Iran was still possible despite the strikes.

Speaking to reporters on an official visit to India, he said: "We'll see if we can make progress. I think it's a lot of talking back and forth going on about specific language in the initial document, so it'll take a few days."

He said President Donald Trump had "expressed his desire to make it". "He's either going to make a good deal or no deal," Rubio said.

Over the weekend, Trump said an agreement with Iran had been "largely negotiated" and that details, which include the reopening of the Strait of Hormuz, would be announced soon. The US President's announcement was made following a call with leaders and officials from Qatar, Saudi Arabia, the United Arab Emirates, Pakistan, Jordan, Egypt, Turkiye, and Bahrain.

Trump said on Truth Social: "Final aspects and details of the deal are currently being discussed, and will be announced shortly."