June 29, 2026. Global oil prices showed a steady increase on Monday, June 29, recovering some of their losses after a recent decline. The reason for the market volatility was the resumption of the military confrontation between the United States and Iran, which once again threatened the stability of oil supplies from the Middle East region.

According to CNBC, West Texas Intermediate (WTI) crude oil futures gained 0.71% at the time, rising to $69.72 per barrel. It is worth noting that on June 26, WTI prices fell below the psychological level of $70 for the first time since late February. Brent crude oil also showed positive dynamics, increasing by 0.36% to $72.25 per barrel.

The sharp reversal in prices was caused by geopolitical tensions, as Washington launched a series of strikes against Iranian military targets. These actions were taken in response to the increasing number of attacks on commercial vessels passing through the strategically important Strait of Hormuz. As a result, negotiations to end the conflict were abruptly suspended.

 Despite investors' concerns about a full-scale escalation, officials in Washington are working to de-escalate the situation. A senior American official has refuted reports of a complete abandonment of diplomatic dialogue in a press statement.

"Technical discussions between the parties will continue," the administration official said. "We are assuming that the parties will temporarily back off, allowing for the free movement of civilian vessels in the region."

 Analysts note that the oil market remains highly sensitive to any news from the Persian Gulf. Any threat of disruptions to the world's "oil artery" has a immediate impact on oil prices. In the coming days, traders will be closely monitoring whether the parties can bring the conflict back to the negotiating table.