Oil prices rose more than 6% after President Trump said the United States would hit Iran hard, following an Iranian ballistic missile attack on U.S. forces. Brent crude climbed back above $90 a barrel.
Key facts
- Oil prices jumped more than 6%, with some reports putting the rise at 7%, according to CNBC.
- Brent crude climbed back above $90 a barrel.
- Iran launched an attack on U.S. forces using ballistic missiles.
- President Trump said the U.S. would hit Iran hard in response.
- Prices moved sharply during trading on July 29, 2026.
Oil prices climbed sharply on July 29, 2026, after President Donald Trump said the United States would hit Iran hard, escalating fears of a broader conflict in the Middle East. According to CNBC, prices jumped more than 6%, with later reporting during the day putting the rise as high as 7%.
The surge came after Iran launched an attack on U.S. forces using ballistic missiles, according to CNBC. The renewed tensions rattled energy markets, which are highly sensitive to the risk of disruption in one of the world’s most important oil-producing regions.
Brent crude, the international benchmark, jumped back above $90 a barrel amid the market reaction, CNBC reported. The move reflected traders pricing in the possibility of further escalation between Washington and Tehran.
CNBC’s coverage tracked the price movement across the trading day, with reports published from midday through the evening showing oil rising sharply as the situation developed. The consistent theme across those updates was renewed tensions in the Middle East driving the gains.
The available reporting does not specify the exact timing or nature of the U.S. response threatened by President Trump, nor the full details of the Iranian missile attack. The immediate market takeaway, according to CNBC, was a rapid and significant jump in crude prices.
Why it matters
Oil prices influence the cost of fuel, transport and goods worldwide, so a sharp spike can quickly filter through to consumers. Renewed conflict between the U.S. and Iran raises the risk of disruption to a critical oil-producing region, adding uncertainty to global energy markets.
Frequently asked questions
How much did oil prices rise?
According to CNBC, oil prices jumped more than 6%, with later reporting during the day putting the increase as high as 7%.
Why did oil prices spike?
Prices rose amid renewed tensions in the Middle East after Iran launched a ballistic missile attack on U.S. forces and President Trump said the U.S. would hit Iran hard, according to CNBC.
What happened to Brent crude?
Brent crude jumped back above $90 a barrel during the market reaction, CNBC reported.