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Conflict Reignites; Global Oil Prices Soar

2026-05-29

The Public Relations Department of the Islamic Revolutionary Guard Corps (IRGC) of Iran issued a statement on the 28th, announcing that in the early hours of the same day, U.S. forces launched an airstrike on a location on the outskirts of Bandar Abbas. Subsequently, the IRGC targeted and struck the U.S. military airbase that had carried out the attack.

On the morning of May 28th, air defense sirens blared across Kuwait. The Kuwaiti military stated that it was intercepting "hostile" missiles and drones.

Affected by these developments, international oil prices surged. As of press time, New York crude oil futures rose nearly 4% to $92, while Brent crude oil futures climbed over 3.5% to $95.52.

According to Iranian sources on the 28th, a military insider revealed that hours earlier, a U.S. oil tanker attempted to navigate the Strait of Hormuz with its radar system turned off. However, following swift action by the IRGC Navy, which fired warning shots, the tanker was forced to stop and turn back. Subsequently, U.S. forces opened fire on an open area near Bandar Abbas, causing no casualties or property damage.

In addition, Iran’s Tasnim News Agency cited a military source on the 28th as saying that four vessels attempted to pass through the Strait of Hormuz without permission and were forced to withdraw after the Iranian navy fired warning shots.

According to U.S. sources on the 27th, a senior U.S. official stated that Iran launched four one-way attack drones at a U.S. merchant vessel. "U.S. forces shot down these drones and struck another ground-based drone launch unit before it could fire."

U.S. President Trump said at a Cabinet meeting at the White House on the 27th that Iran is trying to "stall for time" but will not succeed. He would not rush into an agreement with Iran ahead of the midterm elections, namely the congressional elections, adding, "I don’t care about the midterm elections."

Trump also stated that Iran is eager to reach an agreement, "but they haven’t done so yet," and "we are not satisfied, but we will be." He threatened, "There are only two paths ahead of us: either we reach an agreement, or we finish the job," referring to achieving goals through military means.


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