Oil rises as renewed U.S.-Iran strikes reignite Middle East supply fears

Oil tankers and cargo vessels remain anchored off Port Sultan Qaboos on June 21, 2026 in Muscat, Oman. The Strait of Hormuz, a vital shipping route for the region's oil and gas, was effectively blockaded since the outbreak of war between the United States 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 two sides seek to clarify the terms of ending the war. Elke Scholiers | Getty Images News | Getty Images Oil edged higher on Monday after renewed military strikes between the U.S. and Iran reignited concerns over crude supplies from the Middle East. West Texas Intermediate futures edged higher by 0.71% to $69.72 a barrel, falling below $70 on Friday for the first time since Feb. 27 — the day before the start of the Iran war. International Brent climbed 0.36% to $72.25. Talks aimed at ending the conflict between the U.S. and Iran have reportedly been paused after Washington launched strikes on Iranian military sites in response to Tehran's latest attacks on commercial shipping in the Strait of Hormuz. Stock Chart Icon Stock chart icon A Pakistani source involved in the negotiations told MS NOW that discussions had been put on hold, although representatives from all parties remain in Switzerland and are ready to resume talks once approval is given. The source did not specify who initiated the pause. …