Trump's Comments, Iran's Missile Barrages Push Brent Crude Futures Close To $90 A Barrel

Published 29 July 2026 · finance

Trump's Comments, Iran's Missile Barrages Push Brent Crude Futures Close To $90 A Barrel Published By, Last Updated: July 29, 2026, 19:14 IST Global oil

Trump's Comments, Iran's Missile Barrages Push Brent Crude Futures Close To $90 A Barrel Published By, Last Updated: July 29, 2026, 19:14 IST Global oil prices are all set to rise further as hostilities in West Asia seem to be heading in an even graver direction as Iran launched fresh missile strikes on US assets in Gulf Rapid Read Brent Crude futures have risen sharply amid hostilities in West Asia. (Representational image) As the hostilities in West Asia escalate, the Brent crude futures have surged 5.2 percent to $88.46 a barrel in early trade. Fears of heightened tensions disrupting supply have now reached fever pitch. On early Wednesday, Iran launched a ballistic attack on US military installations in Jordan.

Immediately following this development, United States President Donald Trump fired fresh verbal salvos at the Islamic Republic. He said, “We’ll be hitting them hard. They’re going to get a beating." America will “beat the f*cking sh^t out of Iran", the mercurial President said. Oil prices have jumped sharply following these comments. Not only Trump’s comments but even Tehran’s refusal to reject Oman’s proposal to restore shipping through the narrow Strait of Hormuz has increased concerns of potential disruptions to supplies of oil globally. The Strait of Hormuz, which lies between Iran and Oman, is one of the world’s most critical oil transit chokepoints. Roughly a fifth of global petroleum liquids consumption passes through this narrow waterway, making any disruption there a major concern for energy markets and importing nations alike.

Analysts have warned that even the perception of risk in the region can drive prices higher, as traders factor in the possibility of supply shocks. Insurance costs for tankers, freight rates, and shipping delays tend to rise sharply during such periods of geopolitical instability, further tightening the market. For countries heavily dependent on crude imports, including India, sustained price increases could translate into higher fuel costs, inflationary pressures, and strain on fiscal balances. Governments may be forced to reconsider fuel taxes or tap strategic reserves to cushion the impact on consumers. Market participants are now closely watching diplomatic signals from Washington, Tehran, and regional intermediaries. Any move towards de-escalation could ease prices, but continued rhetoric and military activity risk pushing crude further upward in the coming days.