Oil climbs to $72 on renewed U.S.-Iran military strikes

MG News | June 29, 2026 at 09:34 AM GMT+05:00

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June 29, 2026 (MLN): Oil prices ticked higher on Monday after fresh military exchanges between the United States and Iran over the weekend revived concerns over crude supplies from the Middle East.

Currently, Brent crude futures is up by $0.48, or 0.67%, to $72.47 per barrel, according to data by Mettis Global.

West Texas Intermediate (WTI) crude futures is up by $0.84, or 1.21%, to $70.07 per barrel by [9:30 am] PST.

The flare-up followed a projectile strike on a commercial tanker in the Strait of Hormuz on Saturday, prompting the U.S. military to hit Iranian missile and drone storage locations and coastal radar sites, according to CNBC.

Kuwait and Bahrain also reported incoming missiles and drones overnight.

President Donald Trump warned Iran of devastating consequences on Sunday, saying American forces had struck Iranian targets for violating the ceasefire agreement "again," and cautioned that the U.S. may ultimately be forced to "militarily complete the job."

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KSE30	49,841.71 50.59M	-0.28% -142.15
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Symbol	Bid/Ask	High/Low

Name	Last	High/Low	Chg/%Chg
BITCOIN FUTURES	83,875.00	84,320.00 82,645.00	1405.00 1.70%
BRENT CRUDE	104.54	105.09 102.33	0.26 0.25%
RICHARDS BAY COAL MONTHLY	128.50	0.00 0.00	0.75 0.59%
ROTTERDAM COAL MONTHLY	143.40	143.40 143.40	-1.15 -0.80%
USD RBD PALM OLEIN	1,167.50	1,167.50 1,167.50	0.00 0.00%
CRUDE OIL - WTI	91.66	0.00 0.00	-0.19 -0.21%
SUGAR #11 WORLD	20.27	20.44 20.09	0.12 0.60%