# US Resumes Heavy Strikes on Iran and Oil Jumps Nearly 8 Percent

Brent settled near $90.74 a barrel as the war resumed, adding to an inflation warning that had already led the Federal Reserve to hold rates and prompted dissenting officials to seek a hike.

- Published: 2026-07-30T05:19:24.514Z
- Canonical: https://polylog.news/2026-07-30/us-resumes-heavy-strikes-on-iran-and-oil-jumps-nearly-8-perc
- Publisher: Polylog (Global desk)
- Section: markets
- Sources: [Al Jazeera](https://www.aljazeera.com/video/newsfeed/2026/7/30/us-launches-powerful-strikes-on-iran-after-jordan-attack), [The Hindu](https://www.thehindu.com/news/international/us-strikes-on-iranian-targets-following-missile-attack-west-asia-war/article71284385.ece), [Ynet (Hebrew)](https://www.ynet.co.il/news/article/ryaiohwbfg)

The United States launched what its Central Command called a series of heavy strikes across southern Iran overnight, hitting targets that included the strategic Qeshm and Kish island areas near the Strait of Hormuz. [Al Jazeera](https://www.aljazeera.com/video/newsfeed/2026/7/30/us-launches-powerful-strikes-on-iran-after-jordan-attack) reported explosions in Bushehr and missile impacts on Qeshm, ending a roughly six-day pause that both sides had used to pursue talks.

The attacks followed a strike a day earlier in which Iran's Revolutionary Guard fired ballistic missiles at Muwaffaq Salti Air Base and a US command facility in Jordan. Jordan's military and Central Command said the assault was intercepted with no casualties. President Donald Trump had vowed to hit Iran "very hard," and [The Hindu](https://www.thehindu.com/news/international/us-strikes-on-iranian-targets-following-missile-attack-west-asia-war/article71284385.ece) reported the response drew in Iranian allied forces in Iraq. The Israeli outlet [Ynet](https://www.ynet.co.il/news/article/ryaiohwbfg) reported, citing The Wall Street Journal, that the Central Command commander had prepared a roughly two-week plan of intensive strikes intended to disable Iran's missile capability.

Crude prices moved sharply on the supply threat around the Strait of Hormuz, through which a large share of seaborne oil passes. Brent gained about [7.9 percent to settle near $90.74 a barrel and West Texas Intermediate rose about 6.6 percent to $84.46](https://www.cnbc.com/2026/07/29/oil-prices-today-brent-wti-iran-us-hormuz.html). The increase came one day after the [Federal Reserve held its policy rate at 3.50 to 3.75 percent](https://www.thestreet.com/stock-market-today/stock-market-today-dow-jones-sp-500-nasdaq-updates-july-29-2026stock-market-today-july-29-2026), warned on inflation, and saw three officials dissent in favor of a quarter-point increase. That decision pushed the Dow Jones Industrial Average down roughly 800 points and raised the 30-year Treasury yield. Gold traded near $4,080 an ounce.

## What this means

An energy shock and a hawkish central bank are both raising price pressures at once, which is the difficult combination for policymakers. Higher crude raises headline inflation directly and increases input costs for every energy-importing manufacturer. A Federal Reserve already unwilling to cut cannot ease in response to the shock without abandoning its inflation stance. Oil producers and holders of hard assets gain income and safety, energy importers and long-duration bondholders lose, and equity valuations that assumed rate cuts are the most exposed.

## What to watch

- Whether Iran or its allied forces attempt to disrupt tanker traffic through the Strait of Hormuz, which would change a price increase into an actual cut in physical supply.
- The next US inflation reading and Fed commentary, because a sustained oil rise combined with a rate hold would strengthen the case for the hike three officials already want.
- Whether the reported two-week strike plan proceeds or a new pause is negotiated, which would determine how much of the war-related risk premium remains in crude prices.