Brent Rises to Start the Week

2026-06-28 23:22 By Jam Kaimo Samonte 1 min. read

Brent climbed above $72 per barrel on Monday, recovering modestly from four-month lows after a series of tit-for-tat attacks between the US and Iran over the Strait of Hormuz.

The two sides, however, agreed to halt further strikes ahead of peace talks set to resume later this week.

The exchange of attacks began on Thursday when Iran targeted a container ship, prompting US strikes the following day.

Washington launched another round of attacks on Saturday after Tehran struck a vessel carrying Qatari oil.

Meanwhile, Axios reported that US and Iranian officials are scheduled to meet in Doha on Tuesday to discuss the Strait of Hormuz and other issues aimed at ending the conflict.

Despite the renewed tensions, shipping activity through the vital waterway has picked up since the US and Iran reached an interim peace agreement, although shipowners remain cautious as hundreds of vessels are still stranded in the Persian Gulf.



News Stream
Brent Rises to Start the Week
Brent climbed above $72 per barrel on Monday, recovering modestly from four-month lows after a series of tit-for-tat attacks between the US and Iran over the Strait of Hormuz. The two sides, however, agreed to halt further strikes ahead of peace talks set to resume later this week. The exchange of attacks began on Thursday when Iran targeted a container ship, prompting US strikes the following day. Washington launched another round of attacks on Saturday after Tehran struck a vessel carrying Qatari oil. Meanwhile, Axios reported that US and Iranian officials are scheduled to meet in Doha on Tuesday to discuss the Strait of Hormuz and other issues aimed at ending the conflict. Despite the renewed tensions, shipping activity through the vital waterway has picked up since the US and Iran reached an interim peace agreement, although shipowners remain cautious as hundreds of vessels are still stranded in the Persian Gulf.
2026-06-28
Brent Falls as Hormuz Flows Recover Sharply
Brent crude oil fell to around $72 a barrel on Friday, the lowest since February 27, as shipping transits through the Strait of Hormuz accelerated. Volumes surged as vessels openly navigated the waterway following progress toward a US-Iran peace deal, restoring Persian Gulf exports to roughly 75% of prewar levels. Crucially, Saudi Arabia began loading tankers at its Ras Tanura terminal, signaling a major regional output ramp-up. Middle Eastern producers, including the United Arab Emirates, Kuwait, and Qatar, are boosting supply despite difficulties securing enough tankers to transport the additional crude. Iraq is also seeking a higher OPEC production quota to recoup the oil sales it lost during the war. Meanwhile, US President Donald Trump accused Iran of violating a ceasefire by shooting drones at ships in Hormuz. Brent recorded an over 10% weekly drop, the largest in a month.
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Brent Crude Oil is down by 5.03%
Brent Crude Oil decreased 5.03% to 71.476 USD/Bbl
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