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Oil prices jump 2% after Iran says it targeted U.S. airbase following fresh American strikes
Oil prices pulled back Thursday, erasing earlier gains on a report that U.S. and Iranian negotiators reached an agreement to extend ceasefire.
Axios reported that negotiators reached a 60-day memorandum of understanding to extend the ceasefire and start negotiations over Iran's nuclear program. President Donald Trump still has to approve the deal, according to Axios.
Brent crude futures, the international benchmark, climbed 35 cents to $94.64 per barrel by 10:23 a.m. ET. West Texas Intermediate futures gained 58 cents to $89.26 per barrel.
Prices rallied earlier Thursday after Iran's Revolutionary Guard said it targeted a U.S. air base at around 4:50 a.m. local time, according to the Islamic Republic's Tasnim news agency. The Guard did not specify the location of the air base.
Live updates: Iran and U.S. trade strikes, accuse each other of violating truce
President Donald Trump signaled an agreement between the two sides wasn’t close, and that he would not be rushed by economic and political concerns.
The ongoing crisis in the Strait of Hormuz has created uncertainty for hundreds of ships and around 20,000 seafarers waiting for news of an agreement to reopen the crucial shipping corridor.
NBC News’ Raf Sanchez speaks with a crew member who was caught in the crossfire and takes us inside a U.K. agency serving as an emergency call center.
Iranian media reported that the country's Navy had fired warning shots at four vessels that attempted to pass through the Strait of Hormuz without authorization this morning. The vessels were forced to stop and turn away, semi-official news agency Tasnim reported, citing military sources.
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May 27, 2026 – Trump says he won’t rush Iran deal
⢠Fresh strikes: Iranâs Islamic Revolutionary Guard Corps launched an attack targeting an American air base they say was the source of US strikes on Iranian targets hours before. The US strikes targeted Iranian drones and a launch site around the Strait of Hormuz, according to a US official.
⢠War talks: US President Donald Trump said he wonât be rushed into a deal, warning that Iranâs efforts to outlast him wonât work because he doesnât âcare about the midterms.â The White House dismissed Iranian state media reports that a memorandum of understanding being negotiated would lift the US blockade of Iranian ports in exchange for the reopening of the strait.
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