Oil prices rose on June 28 as renewed military strikes between the U.S. and Iran near the Strait of Hormuz sparked fresh concerns over global energy shipping.
Geopolitical volatility has returned to the oil market, interrupting a week of price declines and testing the durability of an interim peace deal between Washington and Tehran.
- Benchmark gains: Both Brent crude and West Texas Intermediate saw upward pressure as markets reacted to renewed tit-for-tat strikes following a period of relative calm.
- Supply concerns: The conflict’s proximity to the Strait of Hormuz—a critical maritime choke point for global oil transport—has heightened fears regarding potential supply disruptions and shipping delays.
- Fragile sentiment: Despite the daily increase, oil benchmarks remain significantly lower on the week, reflecting investor skepticism about the long-term stability of the region and the efficacy of the ongoing diplomatic efforts to halt mutual hostilities.