What triggered the recent rise in oil prices, and which specific geographic chokepoint is causing concern?

The recent rise in oil prices was triggered by renewed US-Iran military strikes over the weekend and attacks on commercial vessels in the Persian Gulf since 25 June, which revived concerns over supply flows via the Strait of Hormuz. At 11:00 GMT, Brent crude rose 0.5% to $72.35/barrel and WTI crude gained 1.0% to $69.93/barrel.

What did US and Iranian officials reportedly agree to on 28 June, and how does this relate to their earlier ceasefire arrangement?

On 28 June, a US media outlet (Axios) cited US officials saying the US and Iran agreed to stop attacking each other and plan to meet on 30 June in Qatar for further talks — a development that followed their interim peace deal, which had initiated a 60-day negotiation period starting 21 June to end their conflict, but was violated by mutual strikes over the weekend that both sides attributed to breaches of the agreement.

Oil prices edge higher on renewed US-Iran strikes in Mideast

Jun 29, 2026

Crude oil prices rose amid fears over Middle East supply disruptions following US-Iran strikes and a Saudi Aramco helicopter crash at the world's largest oil port. Brent crude hit $72.35/barrel while WTI gained to $69.93/barrel.

icis

2026-02-25

Goldman Sachs Raises 2026 Oil Price Forecast

2026-04-29

UK Faces £35bn Economic Hit and Recession Risk Over Iran War Impact, Thinktank Warns

2026-05-06

Goldman Sachs Raises Oil Price Forecast Again

2026-06-16

Citi Chief US Economist Defends Unpopular Fed Rate-Cut Call

2026-06-29

Oil prices edge higher on renewed US-Iran strikes in Mideast