Skip to main content

Exclusive news, data and analytics for financial market professionalsLearn more aboutRefinitiv

Oil tanker Al Shaffiah sails at the sea near the Omani coast, as seen from Musandam

Oil tanker Al Shaffiah sails at sea near the Omani coast, as seen from Musandam, Oman, June 26, 2026. REUTERS/Stringer Purchase Licensing Rights, opens new tab

  • Summary

  • Companies

  • Qatari-linked oil tanker, container ship attacked last week

  • Iran, US carry out strikes in Mideast during weekend

  • Iran, US agree to halt attacks and renew talks, Axios reports

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

Brent crude futures climbed 58 cents, or 0.8%, to $72.57 a barrel at 0207 GMT ​while U.S. West Texas Intermediate crude was at $70.11 a barrel, up 88 cents, or ​1.3%.

The Reuters Power Up newsletter provides everything you need to know about the global energy industry. Sign up here.

"There's 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," ING analysts said in a note on Monday.

Advertisement · Scroll to continue

"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.

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 U.S. 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 U.S. official said on Sunday.

Advertisement · Scroll to continue

"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 note.

Saudi oil giant Aramco (2222.SE), opens new tab resumed crude oil loadings on Friday at its Ras Tanura terminal, west of ​the Strait of Hormuz, after they were halted for nearly four ​months, as ⁠oil producers ramped up output and exports ahead of an interim deal.

Loadings continued even after a helicopter belonging to the company crashed on Sunday at Ras Tanura, killing 14 nationals. The cause of the ⁠crash ​was unknown.

"Physical flows are constrained by tanker backlogs, damaged ​infrastructure and production shut-ins. It could take the remainder of the year before supply is near pre-conflict levels," ANZ analysts ​said.

Reporting by Florence Tan and Sudarshan Varadhan; Editing by Edmund Klamann, Sonali Paul and Thomas Derpinghaus

Our Standards: The Thomson Reuters Trust Principles., opens new tab

  • X

  • Facebook

  • Linkedin

  • Email

  • Link

Purchase Licensing Rights

Read Next

Philippines leads the world in rush to solar as power prices soar

Workers install solar panels on the roof of a house in Kawit

Saudi Aramco helicopter crash kills 14 nationals, state news agency says

General view of Saudi Aramco's Ras Tanura oil refinery and oil terminal in Saudi Arabia

Russia's Putin acknowledges fuel shortages, task force set up to ensure supplies

Russian President Putin chairs a meeting in Moscow

Williams in talks on $5.5 billion deal for Momentum Midstream, Bloomberg reports

Reuters logo

Australian energy exploration hits 10-year high in hunt for gas

Business

  • Gold production at Krastsvetmet precious metals plant in Krasnoyarsk

Gold slips as fresh US-Iran strikes boost oil, Fed rate-hike bets weigh

category · June 28, 2026 · 10:56 PM EDT · 39 mins ago

Gold prices eased on Monday as recent U.S.-Iran ‌strikes in the Gulf pushed oil prices higher, while expectations of U.S. Federal Reserve interest rate hikes further weighed on the non-yielding metal.

  • A man counts Indian currency notes at a currency exchange stall in the old quarters of Delhi

category Rupee likely to shrug off US-Iran flare-up; limited impact on oil, Asia FX

10:45 PM EDT

  • Men walk past a screen displaying market results outside the Bombay Stock Exchange (BSE) in Mumbai

category Indian shares likely to open steady as US-Iran talks ease escalation fears

10:43 PM EDT

  • Illustration shows U.S. dollar banknotes

category Dollar poised for best month in nearly a year; eyes on jobs data, Gulf tension

9:47 PM EDT

  • A stock quotation board is reflected on window glasses at a building in Tokyo

category Stocks adrift, oil up as US-Iran halt renewed attacks

9:40 PM EDT

Read Original at Reuters →