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2026-05-26 09:26:36
[US Strikes Iranian Military Targets, Brent Crude Rises Nearly 2%] 1. In early Asian trading on Tuesday, Brent crude futures rose nearly 2% to $98.21 per barrel from Monday's close, while US crude rose 1.7% to $91.85 per barrel. This followed the US military strikes in southern Iran, which it described as "self-defense" and stated that the ceasefire agreement with Iran remained in effect. 2. Due to the Memorial Day holiday in the US on Monday, the crude oil market did not settle on Monday. 3. The US military confirmed that the strikes targeted several targets in southern Iran, including ships attempting to lay mines and missile launch sites. The operation aimed to "protect our forces from threats from Iranian forces." Earlier media reports indicated explosions in the Iranian port of Bandar Abbas and along the Strait of Hormuz. 4. Since the outbreak of the war, Iran has effectively cut off almost all non-Iranian vessels' access to and from the Persian Gulf, disrupting approximately one-fifth of global oil and gas transportation and driving up energy prices. 5. Amid heightened geopolitical tensions, diplomatic contacts continue. Iran's chief negotiator and foreign minister have arrived in Doha to meet with the Qatari prime minister to discuss a potential agreement with the United States to end the war. Both sides have indicated progress on a memorandum of understanding giving negotiators 60 days to finalize a deal. Reports suggest that under possible agreement terms, Iran would clear mines from the Strait of Hormuz within 30 days and cease charging transit fees. 6. Analysts point out that traders are heavily betting that oil tankers long stranded in the Strait of Hormuz will finally be able to pass through once a diplomatic breakthrough is achieved. 7. Actual shipping data shows that three liquefied natural gas (LNG) carriers have recently passed through the Strait of Hormuz, bound for Pakistan, China, and India respectively; in addition, a supertanker carrying Iraqi crude oil, which had been stranded for nearly three months, is also en route to China. 8. Meanwhile, US President Trump has again demanded that Iran hand over its enriched uranium to the United States for destruction. This tough stance reminds the market that the agreement still risks collapsing at the last minute, as was the case in the previous five attempts. Some market analysts say this is a stark reminder that the agreement could still fall through.
