Crude Oil Prices Rise After Renewed US-Iran Strikes Disrupt Middle East Shipping | June 29, 2026

Crude oil prices moved higher on Monday, June 29, 2026, after renewed military strikes involving the United States and Iran reignited concerns over energy supply disruptions in the Middle East, as per news reports.  

The latest escalation has slowed tanker movement through the Strait of Hormuz, one of the world's most important oil shipping routes, prompting traders to reassess supply risks. 

Brent crude futures rose 52 cents, or 0.7%, to US$72.51 per barrel, while US West Texas Intermediate (WTI) crude gained 71 cents, or 1%, to US$69.94 per barrel. The recovery comes after Brent declined 10.6% last week, marking its third consecutive weekly loss. 

Fresh Middle East Tensions Support Crude Oil Prices 

Oil prices found support after a series of retaliatory strikes between the United States and Iran heightened uncertainty over the stability of their interim peace agreement. The renewed attacks also disrupted shipping activity through the Strait of Hormuz, where several vessels have faced delays following incidents involving commercial tankers. 

Analysts believe the latest developments could delay expectations of a swift recovery in oil exports from the Persian Gulf, keeping supply concerns firmly in focus. 

Supply Recovery Faces Further Challenges 

Despite reports that the United States and Iran have agreed to resume discussions in Qatar and halt recent hostilities, physical oil flows remain constrained by tanker backlogs, damaged infrastructure and production disruptions. Market participants expect it could take several more months before regional supply returns to pre-conflict levels. 

Meanwhile, Saudi Aramco has resumed crude oil loadings at its Ras Tanura export terminal after a suspension lasting nearly four months. The move is expected to support exports, although logistical challenges continue to limit the pace of recovery. 

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Aramco Operations Continue Despite Helicopter Crash 

Operations at the Ras Tanura terminal continued even after a Saudi Aramco helicopter crashed near the facility on Sunday, resulting in the deaths of 14 people. Authorities have launched an investigation into the cause of the accident, while oil loading activities remain unaffected. 

Conclusion 

Crude oil markets remain highly sensitive to geopolitical developments in the Middle East. Although diplomatic talks between the United States and Iran offer some optimism, supply disruptions, shipping delays and infrastructure challenges are likely to keep oil prices volatile in the near term. 

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