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Tue, May 26, 2026 at 7:34 AM EDT
STORY: Brent crude oil rose over 3% on Tuesday after the U.S. military carried out strikes in Iran.It’s kept the markets on edge as a deal to end the war and open the Strait of Hormuz seems uncertain. Brent futures were up 3.2% in the morning after these renewed tensions between the two countries. U.S. Secretary of State Marco Rubio said on Tuesday that negotiating a deal with Iran could “take a few days”, dashing hopes of an imminent deal. “The straits need to be open, unimpeded, without tolls. And, obviously that needs to happen immediately. As soon as they agree to it.”Tehran has effectively halted nearly all non-Iranian shipping into and out of the Gulf via the Strait of Hormuz since the three-month-old war began. It’s choked off about a fifth of global oil and liquefied natural gas flows.One analyst said any eventual peace deal would lead to a gradual reopening, meaning the current tight supply outlook could take months to normalize.The U.S. strikes, which Washington called “defensive”, happened as Iranian representatives were in Doha in talks over ending the war. Both Washington and Tehran said they have made progress on a memorandum of understanding that would halt the conflict. And have given negotiators 60 days to reach a final deal.