29.06.2026 06:50
Rising tensions between the US and Iran, along with slowing energy shipments through the Strait of Hormuz, have driven up oil prices. Brent crude rose to $72.57, while US crude reached $70.11. Experts noted that due to tanker congestion, infrastructure damage, and production cuts, oil supply may not return to pre-conflict levels until the end of the year.
The price of Brent crude oil rose 58 cents to $72.57 per barrel on the first trading day of the week, while US crude oil (WTI) increased by 88 cents to trade at $70.11.
TENSIONS IN THE STRAIT OF HORMUZ AFFECT PRICES
The rise in oil markets was driven by recent mutual attacks between the US and Iran, and a renewed slowdown in energy shipments through the Strait of Hormuz.
ING analysts noted that markets are focusing on expectations of a recovery in oil flows, but if supply normalizes more slowly than anticipated, upside risks to prices will persist.
SHIPPING TRAFFIC SLOWS AGAIN
Last week, Brent crude fell 10.6% as shipments through the Strait of Hormuz increased, marking its third consecutive weekly decline.
However, from Thursday onward, maritime traffic slowed again as attacks on vessels in the strait resumed. A Qatar-linked oil tanker was also targeted, highlighting once again how fragile the temporary peace agreement between the US and Iran is.
WASHINGTON AND TEHRAN RETURN TO TALKS
A US official announced that Washington and Tehran have agreed to halt recent clashes in the Gulf and resume negotiations over the dispute regarding the Strait of Hormuz.
ANZ analysts stated that markets may have to reassess their expectations that oil supply from the Persian Gulf will fully return to normal in the short term.
RETURN TO PREVIOUS SUPPLY LEVELS MAY TAKE TIME
Saudi Arabia's energy company Aramco has resumed crude oil loading at the Ras Tanura terminal after a gap of about four months. It was reported that 14 people lost their lives when one of the company's helicopters crashed at the terminal. The cause of the accident has not yet been disclosed.
Analysts noted that oil supply remains under pressure due to tanker congestion, damaged infrastructure, and production cuts, and stated that global supply may not return to pre-conflict levels until the end of the year.