(NAFB) After the United States resumed strikes on Iran, oil prices have moved higher again.
“Quite a bit of uncertainty over what things are going to look like here in the weeks ahead and how long the escalations will continue. And then also that wild card of Russia’s refineries being attacked and, of course, hurricane season all playing into a bit of volatility that suddenly has returned globally.”
Patrick DeHaan with Gasbuddy.com, noting that investors are not just focused on the Middle East, but also concerned with the escalation between Ukraine and Russia.
With military action taking place in both Iran and Russia, does that mean we’ll see oil prices move higher than what we saw back in April, the high-water mark for 2026?
“We’re still kind of actively seeing escalations. President Trump warning today that he is going to toll ships going through the Strait [of Hormuz] at 20 percent, which would be a massive tax on oil and refined products through the Strait. So, there’s a lot of risk, and that’s building in the backdrop. And that could continue to weigh negatively, sending oil and refined product prices up sharply. And how Iran retaliates could also be impactful, whether they attack refineries in the Middle East, whether the strait is closed or open. Just a lot on the table; impossible to know how everything’s going to eventually jive.”
