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Crude oil futures edge higher amid renewed U.S.-Iran tensions

29 May 2026 Evaluate

Crude oil futures settled marginally higher on Thursday amid renewed geopolitical tensions after reports indicated that the United States carried out another round of self-defense strikes in southern Iran, prompting Tehran to reportedly retaliate by targeting a U.S. air base. However, gains remained limited as reports indicated that US and Tehran had tentatively agreed to extend their ceasefire for an additional 60 days.

Benchmark crude oil futures for July delivery increased by $0.25 or 0.22% to settle at $88.90 a barrel on the New York Mercantile Exchange. Brent crude for July delivery declined by $0.58 or 0.62% to settle at $93.71 a barrel on the New York Mercantile Exchange. 


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