WTI crude oil (USOUSD) was near $93.77 and Brent crude (UKOUSD) near $97.56 as of 15:49 (GMT+8) on 28 May 2026, per the Vantage CFD feed. Both benchmarks spiked sharply during the early Asian session before pulling back from intraday highs.

Reports of fresh US military action near Bandar Abbas and a subsequent statement from Iran’s Islamic Revolutionary Guard Corps (IRGC) claiming it had targeted a US airbase in response contributed to heightened volatility in both WTI and Brent during the session.^[1] CNBC reported that Brent futures gained over 3% and WTI gained more than 3% in response to the reported exchanges.^[2]

Both benchmarks have shed more than 16% in May, according to Trading Economics, after elevated geopolitical risk and shipping disruption concerns around the Strait of Hormuz pushed prices to multi-year highs in April.^[3][9] All prices are from the Vantage USOUSD and UKOUSD CFD feeds as of 15:49 (GMT+8) on 28 May 2026. Charts are from the TradingView setup used for this analysis and are indicative only. This is not financial advice.

Key Points

• Reports of US military action near Bandar Abbas and a claimed IRGC retaliatory strike coincided with heightened intraday volatility on 28 May 2026; Brent gained over 3% and WTI gained more than 3% in futures markets following the reported exchanges, per CNBC.^[1][2]
• WTI (USOUSD) on the Vantage CFD feed spiked from approximately $92.48 to near $95.00 before retreating; as of 15:49 (GMT+8) it was at $93.776, up 2.13% from the session open of $91.819.
• Brent (UKOUSD) moved to near $98.63 on the Vantage CFD feed before pulling back to the $97.07 range; the EIA Weekly Petroleum Status Report, delayed one day due to the US Memorial Day holiday, is scheduled for release on 28 May 2026 at 12:00 PM ET, adding a further intraday catalyst.^[4]

What the WTI price chart is showing

The Vantage USOUSD CFD 1-minute chart opened the 28 May 2026 session near $91.81 and traded in a contained range during the late hours of 27 May before a sharp move developed around 02:30 UTC.

WTI moved sharply higher from approximately $92.50, clearing $93.00 and $94.00 in quick succession. The session high on the chart was near $95.00 around 04:30 UTC, following reports of the military exchanges circulating across wires. Volume on the Vantage CFD feed picked up visibly across the rally leg.

From the peak, WTI pulled back toward the $93.40–$93.80 range. The $94.50 area appeared to hold as resistance on subsequent attempts. As of 15:49 (GMT+8), USOUSD was at $93.776, up 2.13% from the open.

What the Brent crude oil price chart is showing

The Vantage UKOUSD CFD 1-minute chart opened near $96.47 on 28 May 2026 and traded sideways before a sharp move appeared around 02:30 UTC. From approximately $96.20, Brent climbed steeply to near $98.63 by around 04:30 UTC, a move of approximately $2.40 in under an hour. Volume on the Vantage CFD feed was elevated across this leg.

The pullback that followed was sharper in percentage terms than WTI’s. Brent dropped from near $98.63 back toward $97.00, with a pronounced move lower visible around 05:30 UTC. The instrument subsequently settled in the $97.20–$97.60 range as the session continued.

As of 15:49 (GMT+8), UKOUSD was at $97.562, up 1.13% from its open of $96.470.

Levels traders are watching

The table below covers the reference zones visible on both intraday charts as of 15:49 (GMT+8) on 28 May 2026. These are not trade signals.

Table 1: Key intraday levels as of 15:49 (GMT+8) on 28 May 2026. Sources: Vantage USOUSD and UKOUSD CFD feeds, TradingView setup used for this analysis. Indicative only.

The WTI spread between the $92.50 support and $94.50 resistance marks out approximately a $2.00 intraday reference range. Brent’s equivalent zone between $97.00 and $98.30 reflected a faster, steeper move during the session.

The WTI–Brent spread was near $3.80 at the 15:49 (GMT+8) cut-off, per the Vantage CFD feed — within the typical $3–$5 range and consistent with no unusual structural dislocation between the two benchmarks at that snapshot in time.

What is moving oil markets today

Reports of US-Iran military exchanges near Bandar Abbas

The primary factor appearing to coincide with the early-session volatility was news flow around reported US military action near Bandar Abbas. Reuters, citing Iran’s semi-official Tasnim news agency, reported that Iran’s IRGC said it had targeted a US airbase following what it described as an early morning US attack near Bandar Abbas airport. The IRGC warned that any repeat of the action would draw a “more decisive” response.^[1]

CNBC reported that Brent futures gained over 3% to approximately $97.29 and WTI futures gained 3.42% to approximately $91.71 in response to the reported exchanges.^[2] The Bandar Abbas area is geographically close to the Strait of Hormuz, which markets have been watching closely given the significance of that waterway to global energy flows. The independent verification of the specific details of the reported strikes was not available at the time of writing; the article treats the reported events as unconfirmed and uses them solely as context for the observed price moves.

Elevated shipping disruption risks around the Strait of Hormuz

Shipping disruption risks and elevated security concerns around the Strait of Hormuz have continued to affect energy markets since early 2026. The IEA’s May 2026 Oil Market Report noted that observed global oil inventories drew by approximately 129 million barrels in March and a further 117 million barrels in April, and that refinery crude throughputs were forecast to decline by 4.5 million barrels per day in the second quarter as operators contended with infrastructure challenges and lower feedstock availability.^[5]

The EIA’s May 2026 Short-Term Energy Outlook discussed potential production disruptions in the Middle East and modelled scenarios in which significant output from the region may remain affected through parts of 2026, though the precise scale of any realised production loss continues to be assessed and may differ from modelled assumptions.^[6] S&P Global has separately tracked the broader impact of geopolitical tensions on crude export flows from the region.^[7] Bloomberg reported that the US and Iran remained at odds over how to reopen the waterway, with President Trump characterised as dissatisfied with the state of negotiations as of 27 May 2026.^[8]

EIA inventory report due today

The EIA Weekly Petroleum Status Report is scheduled for release on 28 May 2026 at 12:00 PM ET, delayed one day due to the US Memorial Day holiday, and represents a second intraday catalyst for both WTI and Brent.^[4] A draw that reflects tighter-than-expected supply conditions may reinforce existing geopolitical supply concerns; a smaller-than-expected draw may ease near-term price pressure on WTI in particular.

Post-holiday liquidity context

WTI crude futures did not settle on Monday 25 May 2026 due to the US Memorial Day holiday, per CNBC.^[2] Post-holiday sessions can carry thinner initial liquidity as market participants return, which may have contributed to wider intraday price movements in the Vantage USOUSD CFD before depth normalised through the morning session.

What to watch

• US-Iran developments — 28 May 2026: Further news flow around the reported military exchanges near Bandar Abbas may coincide with heightened volatility in both WTI and Brent. Given the proximity of the area to the Strait of Hormuz, any escalation or de-escalation in reported activity has often coincided with outsized intraday moves in both benchmarks.
• EIA Weekly Petroleum Status Report — 28 May 2026, 12:00 PM ET: A delayed release due to the Memorial Day holiday. The data may reflect supply and inventory conditions that have developed since the prior report. Traders monitoring both USOUSD and UKOUSD may find the print adds further directional context to the session.
• Strait of Hormuz shipping updates — Ongoing: Reports from Lloyd’s List, Bloomberg, or Reuters on commercial shipping movements through the waterway are likely to remain a near-term price driver. Any shift in reported transit conditions has often coincided with rapid price moves in both benchmarks.^[9]
• WTI–Brent spread — Daily: The spread was near $3.80 at the 15:49 (GMT+8) cut-off on the Vantage CFD feed. Significant widening or narrowing from this level may indicate diverging regional supply expectations between North American and Atlantic Basin markets.

Both WTI and Brent posted intraday ranges well above recent averages during the early 28 May session, with WTI moving from around $92.50 to near $95.00 and Brent from approximately $96.20 to near $98.70 within a compressed window. In an environment where geopolitical headlines can reprice both instruments rapidly, Stop Loss placement relative to key structural levels, rather than fixed distances, is worth reviewing. Traders holding positions in oil alongside correlated instruments such as gold or currency pairs may also wish to check their combined exposure, as a sudden shift in geopolitical sentiment can move multiple positions simultaneously.

Leverage in CFD trading works in both directions. The same mechanism that amplified the intraday move from $92.50 to near $95.00 on USOUSD would equally amplify a reversal. Position sizing relative to your account balance is worth reviewing before the EIA inventory release at 12:00 PM ET and ahead of any further headline risk through the remainder of the session.

RISK WARNING: CFDs are complex financial instruments and carry a high risk of losing money rapidly due to leverage. You should ensure you fully understand the risks involved and carefully consider whether you can afford to take the high risk of losing your money before trading.

Disclaimer: The information is provided for educational purposes only and does not take into account your personal objectives, financial circumstances, or needs. It does not constitute investment advice. We encourage you to seek independent advice if necessary. The information has not been prepared in accordance with legal requirements designed to promote the independence of investment research. No representation or warranty is given as to the accuracy or completeness of any information contained within. This material may contain historical or past performance figures and should not be relied on. Furthermore estimates, forward-looking statements, and forecasts cannot be guaranteed. The information on this site and the products and services offered are not intended for distribution to any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.

References

[1] “Iran’s IRGC say they targeted US airbase after strike near Bandar Abbas — Reuters via Investing.com” https://www.investing.com/news/commodities-news/irans-irgc-say-they-targeted-us-airbase-after-strike-near-bandar-abbas-4713588 Accessed on 28 May 2026.

[2] “Oil prices: US strikes in Iran revive Strait of Hormuz turmoil fears — CNBC” https://www.cnbc.com/2026/05/28/oil-prices-us-strikes-in-iran-revive-strait-of-hormuz-turmoil-fears.html Accessed on 28 May 2026.

[3] “Brent crude oil — price, chart, historical data, news — Trading Economics” https://tradingeconomics.com/commodity/brent-crude-oil Accessed on 28 May 2026.

[4] “Weekly Petroleum Status Report — release schedule — US Energy Information Administration” https://www.eia.gov/petroleum/supply/weekly/ Accessed on 28 May 2026.

[5] “Oil Market Report — May 2026 — International Energy Agency” https://www.iea.org/reports/oil-market-report-may-2026 Accessed on 28 May 2026.

[6] “Short-Term Energy Outlook — May 2026 — US Energy Information Administration” https://www.eia.gov/outlooks/steo/ Accessed on 28 May 2026.

[7] “Crude oil market analysis and pricing — S&P Global Commodity Insights” https://www.spglobal.com/commodityinsights/en/market-insights/latest-news/oil Accessed on 28 May 2026.

[8] “Latest oil market news and analysis for May 28 — Bloomberg” https://www.bloomberg.com/news/articles/2026-05-27/latest-oil-market-news-and-analysis-for-may-28 Accessed on 28 May 2026.

[9] “Oil prices post weekly loss as US and Iran signal progress toward a deal — CNBC” https://www.cnbc.com/2026/05/22/oil-prices-today-trump-iran-strait-of-hormuz-uranium-.html Accessed on 28 May 2026.