Oil tankers and cargo vessels stay anchored off Port Sultan Qaboos on June 21, 2026 in Muscat, Oman. The Strait of Hormuz, an important transport route for the area’s oil and gasoline, was successfully blockaded because the outbreak of battle between the USA and Iran in late February. On Sunday, U.S. Vice President JD Vance arrived in Switzerland for high-level talks with the Iranian delegation, as the 2 sides search to make clear the phrases of ending the battle.
Elke Scholiers | Getty Photographs Information | Getty Photographs
Oil edged larger on Monday after renewed navy strikes between the U.S. and Iran over the weekend reignited issues over crude provides from the Center East.
West Texas Intermediate futures rose 1.3% to $70.17 a barrel. Worldwide Brent climbed 0.78% to $72.55. WTI futures settled under $70 on Friday for the primary time since Feb. 27 — the day earlier than the beginning of the Iran battle.
Following clashes that threatened to derail negotiations geared toward ending the battle, U.S. officers mentioned either side would pause hostilities and permit business vessels to transit the Strait of Hormuz freely.
“Technical talks are slated to proceed on all areas of the MOU,” a U.S. official informed CNBC on Sunday.
“Either side will stand down for now and vessels can transfer freely,” the official mentioned.
The U.S. navy attacked quite a lot of Iranian targets after a business tanker within the Strait of Hormuz was reportedly struck by a projectile on Saturday. Iran’s neighbors, Kuwait and Bahrain, additionally reported incoming missiles and drones in a single day.
The renewed violence prompted U.S. President Donald Trump to warn Iran on Sunday of devastating penalties.
“United States plane simply struck Iranian missile and drone storage places, and coastal radar websites, for violating the Stop Fireplace Settlement, AGAIN!,” Trump wrote on Reality Social.
“There might come a degree once we are now not in a position to be affordable, and can be compelled to militarily full the job that we very efficiently began. If that occurs, the Islamic Republic of Iran will now not exist!” he added.
U.S. Central Command mentioned early Sunday that fighter jets struck 10 Iranian navy targets in and close to the Strait of Hormuz in retaliation for a drone strike on the Panamanian-flagged tanker, the M/T Kiku. The vessel was transiting the strait with greater than two million barrels of crude oil, CentCom mentioned late Saturday.
— CNBC’s Azhar Sukri and Garrett Downs contributed to this report
