Oil little changed after U.S. reimposes naval blockade on Iran, launches more airstrikes

Drone view of oil tanker HELGA berthed at one of Iraq's southern offshore oil terminals near Basra as it prepares to load crude oil, becoming the second vessel to arrive since the closure of the Strait of Hormuz, April 24, 2026.

Mohammed Aty | Reuters

Oil prices were little changed Wednesday as U.S. forces carried out another round of strikes against Tehran and Washington reinstated its naval blockade of Iranian ports near the Strait of Hormuz. 

U.S. West Texas Intermediate futures for August delivery added 26 cents to close at $79.60 per barrel. September futures for international benchmark Brent advanced 22 cents to settle at $84.95.

U.S. Central Command said late Tuesday stateside that it had carried out another wave of strikes against Iran, targeting dozens of military assets near the Strait of Hormuz and along Iran's coastline in a seven-hour operation.

The attacks, involving fighter aircraft, drones and naval vessels, struck missile and drone facilities, naval assets and coastal defense systems to further degrade Iran's ability to threaten commercial shipping, Centcom said.

The operation started as U.S. forces resumed a naval blockade on vessels traveling to and from Iranian ports earlier in the day.

In a subsequent social media statement, Centcom Commander Brad Cooper said Iran had "intentionally" targeted civilians and attacked seven commercial vessels over the previous week, leaving roughly a dozen crew members dead, missing or injured.

"The latest escalation shows how expectations of a rapid opening of then Strait were premature," said Saul Kavonic, senior energy analyst at Mst Marquee.

"The hostilities and reimposed blockade set the conflict back on an escalatory trajectory," he told CNBC in an email. "Oil could retest $100 if the current intensity of hostilities persist for a few weeks, or head higher still if regional oil infrastructure is targeted."

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