Oil Rises 1.2% After US Iran Strikes

Oil prices surged on May 7, 2026 after US strikes on Iran’s Qeshm port and Bandar Abbas, lifting Brent to $102.48/barrel (+1.2%).
WTI June futures rose 2.8% to $97.75/barrel, reversing earlier declines of up to 5.1% amid mixed Tehran messaging on a peace proposal.
Shell reported Q1 profit $6.92 bn, highest in two years, raised dividend 5% and cut buyback to $3 bn, while shares fell ~3%.
Iran announced a tanker protocol requiring a Vessel Information Declaration and state media claimed US attacked an Iranian oil tanker, raising tension.