Oil prices on the rise again as US-Iran fighting escalates

Oil prices on the rise again as US-Iran fighting escalates Business

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06:00

Issued on: 28/05/2026 - 11:31Modified: 28/05/2026 - 11:34

06:00 min Share Play (06:00 min) From the show Reading time 1 min

Benchmark prices for crude oil rose on Thursday as Iran said it targeted a US airbase in response to American air strikes. Commercial traffic through the Strait of Hormuz, which had slightly ticked up in previous days, dwindled down to almost nothing again. Also in this edition: Australia takes legal action against US consumer goods giant 3M over "forever chemicals" in firefighting foam. Plus Brazilian leader Lula endorses more oil and gas exploration in the Amazon.

By: Charles PELLEGRIN Bryan QUINN Advertising Related keywords

• Strait of Hormuz
• Oil and gas industry
• Iran war