Oil climbs to $72 on renewed U.S.-Iran military strikes
MG News | June 29, 2026 at 09:34 AM GMT+05:00
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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| SUGAR #11 WORLD | 20.87 | 20.95 20.58 | 0.14 0.68% |
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