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Oil climbs following renewed US, Iran strikes in Middle East
Key takeaways
- Oil climbs following renewed US, Iran strikes in Middle East Oil tanker Al Shaffiah sails at sea near the Omani coast, as seen from Musandam, Oman, June 26, 2026.
- Brent crude futures climbed 52 cents, or 0.672%, to $72.51 a barrel by 2313 GMT while U.S.
- Brent crude fell 10.6% last week, its third weekly decline, after crude shipments through the strait rose last week to their highest level since the U.S.-Israeli conflict with Iran began in February.
Oil climbs following renewed US, Iran strikes in Middle East Oil tanker Al Shaffiah sails at sea near the Omani coast, as seen from Musandam, Oman, June 26, 2026. REUTERS/Stringer · Reuters By Florence Tan Mon, June 29, 2026 at 6:34 AM GMT+7 2 min read CL=F By Florence Tan
SINGAPORE, June 29 (Reuters) - Oil prices rose on Monday following days of tit-for-tat strikes by the United States and Iran in the Middle East that underscored the fragility of their interim peace deal and again slowed energy shipping in the Strait of Hormuz.
Brent crude futures climbed 52 cents, or 0.672%, to $72.51 a barrel by 2313 GMT while U.S. West Texas Intermediate crude was at $69.94 a barrel, up 71 cents, or 1.03%.
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