Oil Soars 5% Amid Iranian Attack on US Troops, Shaking Global Markets
Global energy markets experienced a shock in the early hours of Tuesday, July 28–29, 2026. American crude oil witnessed a surge of approximately 5%, topping $83 a barrel, following reports from the US military of a successful interception of an Iranian “attempted surprise attack” on US troops stationed in the Middle East. This surge broke a three-day losing streak for oil prices and caused US equity-index futures to dip in pre-market trading.
The global benchmark, Brent crude, had settled at $84.09 on Tuesday — a recent low after its most significant three-day decline since April 2020. However, the renewed attack quickly reversed this trend, sparking concerns over potential disruptions in energy supply. The ongoing US–Iran conflict, which has been a major disruptor in global oil markets since the beginning of the year, has already caused crude prices to soar by more than 30% at various points this month. Brent had previously breached the $100-per-barrel mark. Following the attack report, Treasury futures also dipped, while the US dollar strengthened against most of its G10 counterparts. Analysts are warning that further escalation could push oil prices back toward triple digits, exacerbating an already persistent inflation issue that the Federal Reserve is grappling with ahead of today’s rate decision.
Source: Bloomberg – Stock Market Today: Dow, S&P Live Updates for July 29