Oil Price Today (May 28): Crude oil surges nearly 3% after Iran says it targeted US airbase in retaliation for fresh American strikes

Oil prices surged as US strikes in Iran heightened fears of shipping disruptions through the Strait of Hormuz. Iran's Revolutionary Guards claimed to have struck a US airbase, while US forces downed Iranian drones and struck a control station. Analysts warn that even a deal may not immediately normalize shipping, potentially impacting global oil markets for years.