World Oil Prices Rise Again Triggered by the Reheating of the US-Iran Conflict
RMOL - World oil prices strengthened again in trading Monday, June 29 2026, after tensions between the Unite... See more
World Oil Prices Rise Again Triggered by the Reheating of the US-Iran Conflict
RMOL - World oil prices strengthened again in trading Monday, June 29 2026, after tensions between the United States (US) and Iran increased again.
At the opening of trading, it was observed that the price of West Texas Intermediate (WTI) crude oil rose around 0.71 percent to 69.72 US dollars per barrel, while Brent strengthened 0.36 percent to 72.25 US dollars per barrel.
Despite the rise, WTI prices are still below the level of 70 US dollars per barrel, which was breached last Friday for the first time since the Iran war broke out at the end of February.
The price increase occurred after the US launched attacks on a number of Iranian military facilities in response to attacks on merchant ships passing through the Strait of Hormuz. This condition has again sparked concerns that oil supplies from the Middle East region could be disrupted.
At the same time, reports emerged that talks to end the US-Iran conflict in Switzerland had been suspended. However, the US government denied that negotiations had been stopped.
A senior US administration official emphasized, "Nothing has been canceled. Technical discussions regarding the implementation of the memorandum of understanding remain on track."
Another US official also said technical discussions would continue, stressing that both sides were working to ensure safe passage of ships.
Meanwhile, President Donald Trump stated that the US military attacked Iran's missile, drone and coastal radar storage locations in response to the ceasefire violation.
Tensions also spread to the Gulf region. Kuwait and Bahrain reported missile and drone attacks overnight.
For the energy market, this situation increases uncertainty because any disturbance in the Strait of Hormuz has the potential to hamper world oil distribution and push oil prices to continue to move up.
Updated 3 day ago
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World Oil Prices Rise Again Triggered by the Reheating of the US-Iran Conflict
RMOL - World oil prices strengthened again in trading Monday, June 29 2026, after tensions between the Unite... See more
RMOL - World oil prices strengthened again in trading Monday, June 29 2026, after tensions between the Unite... See more
