A sole structure for an article of footwear includes a bladder defining a peripheral chamber and a heel chamber fluidly isolated from the peripheral chamber. The peripheral chamber is configured as an elongated tube, and has a heel portion establishing a rear periphery of the bladder, a lateral arm portion extending from the heel portion and establishing a lateral periphery of the bladder, and a medial arm portion extending from the heel portion and establishing a medial periphery of the bladder. The bladder includes webbing connecting the heel chamber to the peripheral chamber, with the heel chamber disposed between the medial arm portion and the lateral arm portion and forward of the peripheral chamber in a heel region of the bladder. The bladder may include additional forefoot and midfoot chambers having specific shapes.