{"id":21392,"date":"2026-07-29T22:48:30","date_gmt":"2026-07-29T17:48:30","guid":{"rendered":"https:\/\/usnews-14267fa.ingress-comporellon.ewp.live\/?p=21392"},"modified":"2026-07-29T22:48:30","modified_gmt":"2026-07-29T17:48:30","slug":"oil-prices-surge-after-trump-vows-retaliation-for-iranian-attack","status":"publish","type":"post","link":"https:\/\/usnews-14267fa.ingress-comporellon.ewp.live\/?p=21392","title":{"rendered":"Oil prices surge after Trump vows retaliation for Iranian attack"},"content":{"rendered":"<p><script>\r\n  atOptions = {\r\n    'key' : '644b717812d811d6a1c1fc5b6ccd6fa6',\r\n    'format' : 'iframe',\r\n    'height' : 90,\r\n    'width' : 728,\r\n    'params' : {}\r\n  };\r\n<\/script>\r\n<script src=\"https:\/\/www.highperformanceformat.com\/644b717812d811d6a1c1fc5b6ccd6fa6\/invoke.js\"><\/script>\r\n<br \/>\n<\/p>\n<div xmlns:default=\"http:\/\/www.w3.org\/2000\/svg\" data-testid=\"prism-article-body\">\n<p class=\"EkqkG IGXmU nlgHS yuUao MvWXB TjIXL aGjvy ebVHC \">Global oil prices surged on Wednesday after an Iranian attack elicited a <a class=\"zZygg UbGlr iFzkS qdXbA WCDhQ DbOXS tqUtK GpWVU iJYzE \" data-testid=\"prism-linkbase\" href=\"https:\/\/abcnews.com\/International\/live-updates\/iran-live-updates-tehran-progress-made-strait-hormuz\/?id=135110405\" dir=\"ltr\">vow of reprisal<\/a> from President Donald Trump, ending a brief calm that had renewed hope among investors of a negotiated resolution.<\/p>\n<p class=\"EkqkG IGXmU nlgHS yuUao lqtkC TjIXL aGjvy \">A benchmark index for worldwide crude prices climbed more than 7% on Wednesday, crossing above $90 a barrel.<\/p>\n<p class=\"EkqkG IGXmU nlgHS yuUao lqtkC TjIXL aGjvy \">Major stock indexes, meanwhile, tumbled. The Dow Jones Industrial Average plunged 710 points, or 1.3%, while the S<!-- -->&amp;<!-- -->P 500 increased 0.6%. The tech-heavy Nasdaq declined 0.8%.<\/p>\n<p class=\"EkqkG IGXmU nlgHS yuUao lqtkC TjIXL aGjvy \">Oil prices account for a large share of the price of auto gasoline. The average price of a gallon of gas currently stands at $4.09, according to <a class=\"zZygg UbGlr iFzkS qdXbA WCDhQ DbOXS tqUtK GpWVU iJYzE \" data-testid=\"prism-linkbase\" href=\"https:\/\/gasprices.aaa.com\" dir=\"ltr\">AAA<\/a>, marking a 37% jump since war broke out in late February.<\/p>\n<p class=\"EkqkG IGXmU nlgHS yuUao lqtkC TjIXL aGjvy \">Trump on Wednesday said the U.S. will respond to an overnight missile attack launched by Iran.<\/p>\n<p class=\"EkqkG IGXmU nlgHS yuUao lqtkC TjIXL aGjvy \">&#8220;We&#8217;ll be hitting them [Iran] hard,&#8221; Trump told Fox News.<\/p>\n<p class=\"EkqkG IGXmU nlgHS yuUao lqtkC TjIXL aGjvy \">The U.S. intercepted an &#8220;attempted surprise attack&#8221; involving multiple ballistic missiles, which targeted U.S. forces in the Middle East on Tuesday, according to <a class=\"zZygg UbGlr iFzkS qdXbA WCDhQ DbOXS tqUtK GpWVU iJYzE \" data-testid=\"prism-linkbase\" href=\"https:\/\/abcnews.com\/International\/live-updates\/iran-live-updates-tehran-progress-made-strait-hormuz\/?id=135110405&amp;entryId=135172096\" dir=\"ltr\">U.S. Central Command<\/a>.<\/p>\n<p class=\"EkqkG IGXmU nlgHS yuUao lqtkC TjIXL aGjvy \">Oil prices have swung dramatically over recent weeks in response to on-again, off-again fighting.<\/p>\n<p class=\"EkqkG IGXmU nlgHS yuUao lqtkC TjIXL aGjvy \">Last month, oil prices briefly<!-- -->\u00a0<a class=\"zZygg UbGlr iFzkS qdXbA WCDhQ DbOXS tqUtK GpWVU iJYzE \" data-testid=\"prism-linkbase\" href=\"https:\/\/abcnews.com\/Business\/global-oil-prices-fall-lowest-level-iran-war\/story?id=134164924\" dir=\"ltr\">fell<\/a>\u00a0<!-- -->to their lowest level since before the war on news that a preliminary peace agreement had been reached.<\/p>\n<p class=\"EkqkG IGXmU nlgHS yuUao lqtkC TjIXL aGjvy \">A resumption of large-scale fighting between the U.S. and Iran, however, cast doubt over the staying power of that deal.<\/p>\n<div class=\"oLzSq QrHMO fnRUo pvsTF EhJPu vPlOC zNYgW OsTsW RMeqy daRVX ISNQ sKyCY eRftA acPPc MENS nFwaT MCnQE mEeeY SmBjI xegrY rPLsU iulOd NIuqO zzscu lzDCc aHUBM IEgzD OjMNy eQqcx SVqKB GQmdz jaoD VWDdR ONJdw vrZxD OnRTz gbbfF roDbV GPGwb oMlSS gfNzt oJhud eXZcf zhVlX \">\n<div>\n<div class=\"InlineImage GpQCA lZur asrEW \" data-testid=\"prism-inline-image\">\n<figure class=\"kzIjN GNmeK pYrtp dSqFO \" data-testid=\"prism-figure\">\n<div class=\"GpQCA lZur gIjeL \" data-testid=\"prism-ratio-frame\">\n<div class=\"FvQLF iLTd NqeUA UzzHi iWsMV \"><picture data-testid=\"prism-picture\"><source media=\"(max-width: 414px)\" srcset=\"https:\/\/i.abcnewsfe.com\/a\/4eb14bbc-7c7f-4ddd-8862-08391faaf243\/gas-pump-gty-jef-260729_1785333958078_hpEmbed_3x2.jpg?w=375, https:\/\/i.abcnewsfe.com\/a\/4eb14bbc-7c7f-4ddd-8862-08391faaf243\/gas-pump-gty-jef-260729_1785333958078_hpEmbed_3x2.jpg?w=750 2x\"\/><source media=\"(min-width: 415px)\" srcset=\"https:\/\/i.abcnewsfe.com\/a\/4eb14bbc-7c7f-4ddd-8862-08391faaf243\/gas-pump-gty-jef-260729_1785333958078_hpEmbed_3x2.jpg?w=750, https:\/\/i.abcnewsfe.com\/a\/4eb14bbc-7c7f-4ddd-8862-08391faaf243\/gas-pump-gty-jef-260729_1785333958078_hpEmbed_3x2.jpg?w=1500 2x\"\/><img decoding=\"async\" alt=\"\" class=\"hsDdd NDJZt sJeUN IJwXl vBqtr KrDt itslR SjwtZ hakZw HlUVI \" data-testid=\"prism-image\" draggable=\"false\" loading=\"lazy\" src=\"https:\/\/i.abcnewsfe.com\/a\/4eb14bbc-7c7f-4ddd-8862-08391faaf243\/gas-pump-gty-jef-260729_1785333958078_hpEmbed_3x2.jpg\"\/><\/picture><\/div>\n<\/div><figcaption>\n<div class=\"nMMea bNYiy Mjgpa dGwha DDmxa jgKNG RGHCC aBIU PriDW aiQHS lZur \" data-testid=\"prism-caption\">\n<p><span class=\"hsDdd OOSI GpQCA lZur VlFaz \" data-testid=\"prism-truncate\"><span><span class=\"gtOSm FbbUW tUtYa vOCwz EQwFq yCufu eEak Qmvg nyTIa SRXVc vzLa jgBfc WXDas CiUCW kqbG zrdEG txGfn ygKVe BbezD UOtxr CVfpq xijV soGRS XgdC sEIlf daWqJ \">A customer pumps gas at a Freedom Fuel Network gas station on July 8, 2026 in Dresher, Pennsylvania.<\/span><\/span><\/span><\/p>\n<p><span class=\"gtOSm FbbUW tUtYa vOCwz EQwFq yCufu eEak Qmvg nyTIa SRXVc vzLa jgBfc WXDas CiUCW kqbG zrdEG txGfn ygKVe BbezD UOtxr CVfpq xijV soGRS XgdC sEIlf daWqJ YNujN JGtjI aZFDu rkKLh \">Joe Lamberti\/Getty Images<\/span><\/p>\n<\/div>\n<\/figcaption><\/figure>\n<\/div>\n<\/div>\n<\/div>\n<p class=\"EkqkG IGXmU nlgHS yuUao lqtkC TjIXL aGjvy \">Shipping traffic in the Strait of Hormuz <a class=\"zZygg UbGlr iFzkS qdXbA WCDhQ DbOXS tqUtK GpWVU iJYzE \" data-testid=\"prism-linkbase\" href=\"https:\/\/abcnews.com\/International\/shipping-traffic-falls-sharply-strait-hormuz-iran-war\/story?id=134914139\" dir=\"ltr\">declined sharply<\/a> as the war escalated. The maritime trading route facilitates transport of about one-fifth of global oil supply. In turn, worldwide oil prices soared above $100 a barrel.<\/p>\n<p class=\"EkqkG IGXmU nlgHS yuUao lqtkC TjIXL aGjvy \">Another round of <a class=\"zZygg UbGlr iFzkS qdXbA WCDhQ DbOXS tqUtK GpWVU iJYzE \" data-testid=\"prism-linkbase\" href=\"https:\/\/abcnews.com\/Business\/oil-prices-plunge-stocks-rise-after-us-pauses\/story?id=135116383\" dir=\"ltr\">price relief<\/a> arrived on Monday after the U.S. paused attacks on Iran over the weekend, but the resumption of fighting on Tuesday rekindled price gains.<\/p>\n<p class=\"EkqkG IGXmU nlgHS yuUao lqtkC TjIXL aGjvy \">The Iran war set off a jump in overall inflation due in large part to a rise in oil prices and, in turn, fuel costs.<\/p>\n<p class=\"EkqkG IGXmU nlgHS yuUao lqtkC TjIXL aGjvy \">Fed Chair Kevin Warsh, who took the helm of the central bank in May, has repeatedly vowed to slash inflation to the Fed&#8217;s desired level of 2%. The annual pace of price increases currently <a class=\"zZygg UbGlr iFzkS qdXbA WCDhQ DbOXS tqUtK GpWVU iJYzE \" data-testid=\"prism-linkbase\" href=\"https:\/\/abcnews.com\/Business\/inflation-fell-expected-june-gas-prices-eased\/story?id=134740935\" dir=\"ltr\">registers<\/a> at 3.5%.<\/p>\n<p class=\"EkqkG IGXmU nlgHS yuUao lqtkC TjIXL aGjvy \">&#8220;Persistently high prices are a burden for the American people,&#8221; Warsh told reporters in Washington, D.C., last month. &#8220;This committee will deliver price stability.&#8221;<\/p>\n<p class=\"EkqkG IGXmU nlgHS yuUao lqtkC TjIXL aGjvy \">The Fed stands poised to issue a decision on the level of interest rates on Wednesday afternoon.<\/p>\n<p class=\"EkqkG IGXmU nlgHS yuUao lqtkC TjIXL aGjvy \">It could raise interest rates in an effort to cool off prices, but the move risks a slowdown of hiring.<\/p>\n<p class=\"EkqkG IGXmU nlgHS yuUao lqtkC eTIW sUzSN \">Futures markets peg a roughly 66% chance of interest rates being left unchanged on Wednesday, according to the <a class=\"zZygg UbGlr iFzkS qdXbA WCDhQ DbOXS tqUtK GpWVU iJYzE \" data-testid=\"prism-linkbase\" href=\"https:\/\/www.cmegroup.com\/markets\/interest-rates\/cme-fedwatch-tool.html\" dir=\"ltr\">CME Group&#8217;s FedWatch Tool<\/a>, a measure of investor sentiment. Odds, however, stand in favor of a quarter-point rate hike in September, the next time central bankers meet.<\/p>\n<\/div>\n<script async=\"async\" data-cfasync=\"false\" src=\"https:\/\/pl30214220.effectivecpmnetwork.com\/9ab3d4df8a7e1a6171e16ddbf732cc19\/invoke.js\"><\/script>\r\n<div id=\"container-9ab3d4df8a7e1a6171e16ddbf732cc19\"><\/div>\r\n\n","protected":false},"excerpt":{"rendered":"<p>Global oil prices surged on Wednesday after an Iranian attack elicited a vow of reprisal from President Donald Trump, ending a brief calm that had renewed hope among investors of a negotiated resolution. A benchmark index for worldwide crude prices climbed more than 7% on Wednesday, crossing above $90 a barrel. Major stock indexes, meanwhile,&#8230;<\/p>\n","protected":false},"author":1,"featured_media":21393,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/i.abcnewsfe.com\/a\/21c71e42-d31c-460a-96d9-16e58e10e9d5\/hormuz-gty-jef-260729_1785334006559_hpMain_16x9.jpg?w=1600","fifu_image_alt":"","footnotes":""},"categories":[22],"tags":[],"class_list":["post-21392","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-abc-news"],"brizy_media":[],"_links":{"self":[{"href":"https:\/\/usnews-14267fa.ingress-comporellon.ewp.live\/index.php?rest_route=\/wp\/v2\/posts\/21392","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/usnews-14267fa.ingress-comporellon.ewp.live\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/usnews-14267fa.ingress-comporellon.ewp.live\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/usnews-14267fa.ingress-comporellon.ewp.live\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/usnews-14267fa.ingress-comporellon.ewp.live\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=21392"}],"version-history":[{"count":0,"href":"https:\/\/usnews-14267fa.ingress-comporellon.ewp.live\/index.php?rest_route=\/wp\/v2\/posts\/21392\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/usnews-14267fa.ingress-comporellon.ewp.live\/index.php?rest_route=\/wp\/v2\/media\/21393"}],"wp:attachment":[{"href":"https:\/\/usnews-14267fa.ingress-comporellon.ewp.live\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=21392"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/usnews-14267fa.ingress-comporellon.ewp.live\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=21392"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/usnews-14267fa.ingress-comporellon.ewp.live\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=21392"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}