Oil Rebounds as Renewed US-Iran Clash Stokes Fears of Hormuz Shipping Disruptions
Summary
- Renewed military clashes between the US and Iran lifted international oil prices.
- Brent futures rose 1.9% to as high as $73.39 a barrel, while WTI traded near $70 a barrel.
- Concerns over disruptions to crude shipments through the Strait of Hormuz have intensified, though an agreement to hold talks in Doha leaves the next move in focus.
Forecast Trend Report by Period
International oil prices rose after military clashes between the US and Iran flared up again, heightening concerns over potential disruptions to crude shipments through the Strait of Hormuz.
Bloomberg reported on June 28 that Brent futures climbed as much as 1.9% intraday to $73.39 a barrel. West Texas Intermediate traded near $70 a barrel.
The gains followed an attack on a tanker carrying Qatari crude. The US struck Iranian military facilities near the Strait of Hormuz over the weekend, and Iran attacked the tanker in retaliation for an earlier strike on a container ship. Both sides have accused the other of violating a ceasefire agreement first.
The US and Iran have nevertheless agreed to stop further military action and hold talks in Doha, Qatar, on June 30 to discuss the Strait of Hormuz, according to reports.
Commercial shipping through the strait is continuing, but some tankers have reportedly abandoned plans to pass through in the aftermath of the latest clashes. Hundreds of vessels are still waiting in the Persian Gulf, and shipowners are expected to remain cautious.
Suehyeon Lee
shlee@bloomingbit.ioI'm reporter Suehyeon Lee, your Web3 Moderator.