Oil prices reversed a downward trend following a recent exchange of attacks between the United States and Iran over control of the Strait of Hormuz — a critical maritime chokepoint. On Monday, June 29, 2026, Brent crude climbed above $72 per barrel, marking a modest recovery from four-month lows triggered by escalating hostilities between the two nations.
WTI Follows Brent Higher
West Texas Intermediate (WTI) crude mirrored the upward move, trading near $70 per barrel. The flare-up began on Thursday, June 25, when Iran targeted a container ship, prompting U.S. retaliatory strikes the following day. Washington launched another round of strikes on Saturday after Tehran attacked a Qatari oil tanker.
Diplomatic Talks Resumed Amid Ceasefire Agreement
In a sign of de-escalation, both countries agreed to halt further attacks ahead of scheduled peace talks set to resume later this week. According to Axios, U.S. and Iranian officials are due to meet in Doha on Tuesday to discuss maritime security in the Strait of Hormuz and other issues aimed at ending the conflict.
Navigational Activity Increases — But Caution Remains
Despite renewed tensions, shipping activity through the strategically vital waterway has increased since the U.S. and Iran reached a temporary ceasefire. Still, vessel operators remain cautious: hundreds of ships remain anchored in the Persian Gulf, reflecting ongoing concerns about safety and stability in the region.