Oil prices jump amid reports of Iranian missile strike on U.S. vessel in Oil & Companies News 05/05/2026 Oil prices jumped on Monday after Iranian media reported that two missiles had struck a U.S. warship in the Strait of Hormuz, heightening fears of reigniting violence in the region. However, U.S. Central Command said no U.S. navy ships had been hit. Brent oil futures for July rose 3.3% to $111.79 a barrel by 06:47 ET (10:47 GMT), while West Texas Intermediate crude futures was up 2.9% to $104.87 a barrel. Brent crude rose to as much as $114.29 on the news before paring gains. Get more oil market insights by subscribing to InvestingPro – now 50% off Tehran is ready for any possible scenario and will not be bullied by the U.S., an unnamed source told Iran’s Tasnim news agency said, according to Reuters. Tasnim added that aside from firing in the direction of U.S. warships, Tehran had prepared other scenarios it stands ready to activate if necessary. U.S. President Donald Trump said over the weekend that the U.S. would begin an effort from Monday to guide ships stranded in the Strait of Hormuz. He provided few actual details on the plan, but said his representatives were “having very positive discussions” with Iran. Separately, U.S. Central Command said it would support the move with over 100 land and sea aircraft, as well as 15,000 service members. Traffic through the Strait of Hormuz has remained disrupted since Iran effectively blocked the waterway in late-February. The channel supplies about 20% of the world’s oil. Iran has vowed to keep the strait closed until the U.S. lifts its naval blockade against the country. Washington has insisted that Iran first open the channel and agree to a nuclear deal, leaving both countries at an impasse. Ukraine attacks Russian port, tankers Concerns over oil supply disruptions extended beyond the Middle East, after Ukraine launched a wave of drone attacks on targets across Russia on Sunday. Ukraine struck the Baltic Sea port