Oil prices rose significantly on Thursday, May 28, 2026, after renewed tensions between the United States and Iran in the Gulf. We review for you today’s oil prices — Brent crude and West Texas Intermediate (WTI) — and the most prominent reasons and expectations.
Today’s Oil Prices — Thursday, May 28, 2026
| Type | Price (dollars per barrel) | Change from yesterday |
|---|---|---|
| Brent crude | $96.56 | ▲ +2.41% |
| West Texas Intermediate (WTI) | $90.82 | ▲ +2.42% |
Brent crude rose to $96.56 per barrel, an increase of 2.41% from yesterday, while West Texas Intermediate (WTI) rose to $90.82 per barrel, an increase of 2.42%. Despite this rise, oil prices are heading towards their second week of decline overall.
Why Did Prices Rise?
The main reason for today’s rise is the renewal of clashes between America and Iran. US forces bombed an Iranian military site that poses a threat to US forces and commercial shipping routes in the Strait of Hormuz. In response, the Iranian Revolutionary Guard said it had targeted a US airbase.
Tension in the Strait of Hormuz frightens oil markets because it is one of the most important waterways for oil transportation in the world. Any threat to freedom of navigation means disruption to supplies and a rise in prices.
Impact of Tensions on Saudi Arabia
Saudi Arabia, as the world’s largest oil supplier, is directly affected by these fluctuations. The overall rise in oil prices is generally considered positive for government revenues, but instability in the region remains a constant concern.
It is worth noting that Saudi Arabia has a large reserve production capacity that allows it to deal with any disruptions to global supplies, which gives the market some reassurance.
Future Expectations
- Analysts’ expectations indicate that Brent may reach $105 by the end of the current quarter.
- In the event of a peace agreement between the US and Iran, prices may drop sharply due to expectations of the reopening of the Strait of Hormuz.
- The market is awaiting any new statements from OPEC+ regarding production levels.
- Over the past month, Brent has fallen by 12.5%, but it is still 52% higher than the same period last year.
Frequently Asked Questions
What is the price of a barrel of Saudi oil today?
The price of Brent crude — the basic standard for Saudi oil — today is $96.56 per barrel. The price of West Texas Intermediate (WTI) is $90.82.
Will oil prices rise further?
According to expectations, Brent may rise to $105 by the end of the current quarter. But everything depends on the geopolitical developments between the US and Iran and OPEC+ decisions.
How do oil prices affect the Saudi citizen?
Rising oil prices mean increased government revenues, but they can also lead to higher global fuel costs. Fortunately, fuel prices in Saudi Arabia are subsidized and relatively stable thanks to government policies.
⚠️ Alert: Oil prices change daily and prices may differ at the time you read the article. Follow economic news for the latest updates.
Sources: TradingEconomics, Investing.com — Last update: May 28, 2026
