Oil Price Today, June 29, 2026: Crude Oil Climbs as U.S.,Iran Trade Blows Despite Ceasefire; Brent Tops $72

Mumbai, June 29: Oil prices rose on Monday after renewed military exchanges between the United States and Iran reignited concerns over crude supplies from the Middle East, prompting traders to rebuild a geopolitical risk premium into prices.

Brent crude futures gained 0.7% to $72.5 a barrel, while U.S. West Texas Intermediate (WTI) crude advanced 1.2% to $70 a barrel. The gains came after both benchmarks suffered steep losses last week, with Brent tumbling more than 10% for its third consecutive weekly decline as fears of an immediate supply disruption eased.  

Monday’s recovery reflects fresh concerns that the conflict could once again disrupt oil flows through the Strait of Hormuz, a strategic waterway that handles roughly a fifth of global oil shipments. 

Middle East tensions back in focus 

The latest gains follow several days of tit-for-tat strikes between Washington and Tehran that exposed the fragility of their interim peace agreement and once again slowed energy shipping through the Strait of Hormuz. 

Both benchmarks advanced as Iran and US traded blows, putting their ceasefire in doubt. Source: oilprice.com  

The renewed flare-up included attacks on a Qatar-linked tanker and retaliatory military action by both sides before U.S. and Iranian officials agreed to resume diplomatic talks and temporarily halt further attacks. While the renewed negotiations have reduced the risk of an immediate escalation, markets remain cautious over the durability of the truce.  

Also Read: How To Invest In Crude Oil 

Analysts said oil traders are likely to remain highly sensitive to geopolitical developments, with any disruption to shipping or production capable of triggering sharp price swings. 

Supply recovery may take time 

Despite last week’s steep correction in crude prices, analysts cautioned against assuming that Gulf oil supplies will normalize quickly. 

Although crude shipments through the Strait of Hormuz had climbed to their highest levels since the U.S.-Israeli conflict with Iran began in February, infrastructure damage, tanker backlogs and production shutdowns could delay a full recovery until later this year.  

Saudi Aramco has resumed crude loadings at its Ras Tanura export terminal after a nearly four-month suspension, helping improve export availability. However, logistical bottlenecks and lingering security concerns continue to cloud the supply outlook.  

Market focus shifts to geopolitics 

The rebound in crude prices comes at a time when investors are also reassessing the global interest rate outlook, with expectations of tighter U.S. monetary policy supporting the dollar and adding another layer of uncertainty for commodity markets.  

For oil markets, however, developments in the Middle East remain the dominant driver. Traders will closely monitor the progress of U.S.-Iran talks and shipping activity through the Strait of Hormuz, as any fresh disruption could quickly erase last week’s losses and inject renewed volatility into global energy markets. 

Source

• rates from oilprice.com