Oil Prices Soar as US and Iran Exchange Attacks
Market hopes for stability in global oil supply have been shaken once again. Oil prices rose after the United States and Iran engaged in renewed attacks, sparking fresh concerns over the security of the vital energy route in the Strait of Hormuz.
Citing Reuters on Monday (29/6/2026), Brent crude futures rose 52 cents, or 0.72%, to US$72.51 a barrel. Meanwhile, US West Texas Intermediate (WTI) crude strengthened by 71 cents, or 1.03%, to US$69.94 per barrel.
The price increase occurred after energy traffic in the Middle East slowed again following attacks on ships transiting the Strait of Hormuz since last Thursday. An oil tanker linked to Qatar was among the victims of the attack.
The incident triggered a series of reciprocal strikes between the US and Iran in the worst escalation since the two countries agreed to a temporary peace. The situation has revived market fears of supply disruptions from the Persian Gulf region.
“The market is likely to re-evaluate its assumptions about a rapid recovery in oil supplies from the Persian Gulf,” said an ANZ analyst.
Previously, the US and Iran had reached an agreement to halt hostilities in the Gulf region to curb the surge in oil prices. Both nations also continued talks in Qatar regarding disputes over the Strait of Hormuz.
The agreement had spurred a recovery in oil shipping activity. Last week, the volume of crude oil shipments through the Strait of Hormuz rose to the highest level since the conflict began in February.
In line with the improving situation at the time, Saudi Aramco resumed crude oil loadings on Friday at the Ras Tanura terminal, located west of the Strait of Hormuz. The facility had been out of operation for nearly four months and was reactivated following the peace deal.
Loadings at Aramco’s Ras Tanura terminal are continuing despite a company helicopter crashing at Ras Tanura on Sunday. The incident killed 14 people.
Amid these latest developments, Brent recorded a 10.6% decline throughout last week. That drop marked the third consecutive weekly decline since the US and Iran agreed to a temporary peace.