What caused the surge in oil prices on Thursday morning according to the news?

The surge in oil prices on Thursday morning was caused by fresh US military strikes on Iranian military targets, which dampened hopes for an imminent peace deal between the two countries; specifically, the US Central Command carried out new strikes in Iran on 27 May, including hitting a ground control station it claimed was about to launch a fifth drone, and also shot down four Iranian drones.

What were the reported oil price levels and inventory changes cited in the article?

At 3:00 GMT, Brent crude climbed by nearly 2% to $96.14/barrel, while WTI crude gained more than 2% to $90.54/barrel; additionally, the American Petroleum Institute reported that US crude stockpiles fell by 2.8 million barrels for the week ending 22 May, marking the sixth consecutive weekly decline.

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Oil surges as fresh US strikes on Iran dampen peace deal hopes

May 28, 2026

Oil prices jumped over 2% after US strikes on Iran dampened peace deal hopes, pushing Brent crude to $96.14 per barrel. Market tension was compounded by a 2.8 million barrel decline in US crude stockpiles reported by the American Petroleum Institute.

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