Oil Prices Rise After US, Iran Exchange Strikes
Oil tankers sail off the coast of Kuwait City on June 27.
Oil prices rose again on June 29 after falling sharply last week and approaching pre-war levels amid renewed tensions in the Strait of Hormuz.
Oil prices rose after days of US and Iranian attacks that have again slowed energy shipments through the Strait of Hormuz.
Brent crude was reportedly at around $72.57 a barrel early on June 29, while US crude was at $70.11 a barrel. Brent crude had fallen more than 4 percent to $71.99 a barrel and US crude was at $69.23 a barrel on June 26.
Traffic in the waterway slowed sharply after fresh attacks on ships in the Strait of Hormuz, including an attack on a Qatari tanker that prompted a US response and marked the worst escalation of tensions since the signing of an interim peace deal.
