Oil markets whipsaw as Iran-US tensions flare again: Brent swings around $96 amid Strait of Hormuz crisis
European energy markets endured another volatile session on Wednesday 28 May 2026, as renewed military exchanges between the United States and Iran reignited the geopolitical risk premium that has dominated crude pricing since February. The July Brent contract swung sharply, trading around $96 a barrel after the US military downed four Iranian drones and struck…