Renewed US-Iran war fears drive oil prices higher
Semafor · Prashant Rao ·
US President Donald Trump spoke with the emir of Qatar, which has sought to mediate a truce, but Washington and Tehran have also traded heated rhetoric.
Oil prices briefly neared $100 a barrel following a days-long selloff on revived concerns of a resumption of the US-Iran war. US President Donald Trump spoke with the emir of Qatar, which has sought to mediate a truce, but Washington and Tehran have also traded heated rhetoric and Iran said three tankers were hit in the Strait of Hormuz, underscoring the persistent threat to shipping through the waterway.
Some analysts forecast that Trump, his domestic power circumscribed by midterm election losses, could focus on burnishing his foreign-policy legacy. Rapidan Energy, a research firm, predicted an 80% likelihood of fighting resuming, while S&P analysts today raised their 2026 and 2027 assumptions for crude prices.
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