Oil Rises to Start the Week

2026-06-28 23:21 By Jam Kaimo Samonte 1 min. read

Crude oil climbed to around $70 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
Oil Rises to Start the Week
Crude oil climbed to around $70 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.
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