# Oil prices surge after Trump warns Iran of hard retaliation

- Topic: world
- Source: CNBC
- Published: 2026-07-29
- Original: https://www.cnbc.com/2026/07/29/oil-prices-today-brent-wti-iran-us-hormuz.html
- Language: en
- Image: https://image.cnbcfm.com/api/v1/image/108338260-1785328616619-108338260-1784686979691-gettyimages-2287068453-kd2_8053_96uzdipq.jpg?v=1785328639&w=1920&h=1080

A sudden escalation in tensions between the US and Iran sent oil prices soaring, with Brent crude futures gaining over 6% and US West Texas Intermediate futures advancing almost 6.3%.

## Key takeaways

- President Trump vowed to hit Iran hard in retaliation for an attempted surprise attack on American forces.
- Iran's Islamic Revolutionary Guard Corps launched ballistic missiles at US forces, which were successfully intercepted.
- The escalating tensions shattered a brief pause in fighting, causing oil prices to jump sharply.

> Summary by Daily Read Bytes. Read the original at https://www.cnbc.com/2026/07/29/oil-prices-today-brent-wti-iran-us-hormuz.html