Oil prices rise as fresh US-Iran strikes renew fears over Hormuz shipping

Oil prices edged higher on Monday, June 29, 2026, after renewed exchanges of strikes between the United States and Iran heightened concerns over the stability of their interim peace agreement and disrupted energy shipments through the strategically vital Strait of Hormuz.

Brent crude futures rose by 58 cents, or 0.8 per cent, to $72.57 per barrel as of 0207 GMT, while U.S. West Texas Intermediate (WTI) crude gained 88 cents, or 1.3 per cent, to trade at $70.11 per barrel.

ING analysts warned that significant risks still loom over the global oil market despite expectations of improving supply.

The analysts said in a note on Monday: “There is still plenty of risk facing the oil market. Even so, participants appear to be focusing on what a continued recovery in oil flows would mean for the global balance.

“This complacency is odd and clearly ​leaves significant upside risk if the supply recovery proves slow.”

Brent crude fell 10.6% last week, its third weekly decline, after crude shipments through the strait rose last week to their highest level since the U.S.-Israeli war on ​Iran began in late February.

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However, traffic has since slowed following renewed attacks on ships in ​the strait from Thursday, including a Qatar-linked oil tanker, that triggered strikes from the United States and Iran in the ‌worst ⁠escalation since they signed an interim peace deal.

Capping oil price gains, Iran and the U.S. agreed to halt recent hostilities in the Gulf and renew talks regarding their dispute over the Strait of Hormuz, a United States official said on Sunday.

“The market is likely to re-evaluate its assumption of ​a quick recovery of ​oil supply from ⁠the Persian Gulf,” ANZ analysts said in a statement.