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Brent crude clears $90 as Iran fires ballistic missiles at U.S. forces, Trump threatens to hit Iran hard

7/30/2026

The geopolitical risk premium embedded in oil markets has one reliable accelerant: a direct military exchange between Iran and U.S.

Iran launched a ballistic missile attack on American personnel, sending Brent crude back above $90 per barrel.

President Trump's public threat to hit Iran hard added a second escalation signal on top of the physical strike.

Why the missile category shifts the price Ballistic missiles are a different threat class from drone harassment or proxy-militia skirmishing.