Oil Prices Rise Amid Renewed US-Iran Strikes in Middle East

Pakistan News Desk June 29, 2026

First Published 5 hours ago

🔴 Live Update 2 hours ago6 Updates by 5 sources

Oil prices increased on Monday, June 29, following days of strikes between the United States and Iran that have slowed energy shipping through the Strait of Hormuz.

As of 0207 GMT, Brent crude futures rose by 0.8% to $72.57 a barrel, while U.S. West Texas Intermediate crude was up 1.3% at $70.11 a barrel.

The escalation, described as the worst since an interim peace deal was signed, reportedly began on Thursday with attacks on ships in the strait, including a Qatar-linked oil tanker, which triggered retaliatory strikes from both the US and Iran. This follows a week where Brent crude had fallen by 10.6% after shipments in the strait reached their highest levels since late February.

However, a US official stated on Sunday that Iran and the US have agreed to halt the recent hostilities and renew talks, a development that may temper further price gains. The tensions also come amid reports of Israeli forces entering Southern Syria.

Analysts suggest the market may need to re-evaluate its assumption of a quick recovery of oil supply from the Persian Gulf. Saudi Aramco had resumed crude oil loadings at its Ras Tanura terminal on Friday after a nearly four-month halt.

Latest Updates

Updated: 11:39 AM PKT — June 29, 2026

Market analysts noted that the oil market continues to face considerable risks despite the recent agreement to halt hostilities. According to one analysis, market complacency could lead to a significant price spike if the recovery of oil supply through the Strait of Hormuz remains slow.

Reports on Monday, June 29, indicate a significant escalation in hostilities between the United States and Iran, contradicting earlier information about an agreement to halt the conflict. Available reports claim that Iran’s Islamic Revolutionary Guard Corps (IRGC) launched attacks on US sites located in Kuwait and Bahrain. In response, the US reportedly launched fresh waves of attacks on Iranian sites.

Iran’s Foreign Minister has condemned the latest US actions, describing them as “heinous.” These developments follow a period of heightened tension in the Strait of Hormuz that had already impacted global oil prices.

Jump to source: