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Oil climbs following renewed US, Iran strikes in Middle East - Finance news and analysis from Global Banking & Finance Review
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Oil climbs following renewed US, Iran strikes in Middle East

Published by Global Banking & Finance Review

Posted on June 28, 2026

1 min read

· Last updated: June 28, 2026

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Finance Markets Oil Commodities Geopolitics

Oil Prices Surge After Renewed US and Iran Strikes Disrupt Middle East Shipments

Market Reaction to Middle East Tensions

SINGAPORE, June 29 (Reuters) - Oil prices rose on Monday following days of tit-for-tat strikes by the United States and Iran in the Middle East that underscored the fragility of their interim peace deal and again slowed energy shipping in the Strait of Hormuz.

Impact on Global Oil Prices

Brent Crude Futures

Brent crude futures climbed 50 cents, or 0.69%, to $72.49 a barrel by 2204 GMT while U.S. West Texas Intermediate crude was at $69.96 a barrel, up 73 cents, or 1.05%.

Market Analysis and Reporting

(Reporting by Florence Tan; Editing by Edmund Klamann)

Key Takeaways

  • Renewed US‑Iran retaliatory strikes underscore fragility of interim peace deal and escalate risks to energy flows through the Strait of Hormuz
  • Commercial shipping remains severely constrained, with transits still down markedly, reinforcing supply concerns
  • Market reaction reflects renewed uncertainty—supporting near‑term crude prices despite earlier hopes for recovery

Frequently Asked Questions

Why did oil prices rise on Monday?
Oil prices rose due to renewed US and Iran strikes in the Middle East, raising concerns over energy shipping disruptions.
How much did Brent crude futures increase?
Brent crude futures climbed 50 cents, or 0.69%, to $72.49 a barrel by 2204 GMT.
What was the price of U.S. West Texas Intermediate crude?
U.S. West Texas Intermediate crude was at $69.96 a barrel, up 73 cents, or 1.05%.
What region's shipping was affected by the strikes?
Energy shipping in the Strait of Hormuz was again slowed by the strikes.

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