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macroJun 29, 2026, 11:55 AM

US and Iran Halt Attacks, Resume Strait of Hormuz Talks – Oil Rises

Geoff Yu of BNY reports that the US and Iran have agreed to cease mutual attacks and restart negotiations on the Strait of Hormuz, easing shipping concerns. Markets responded with modest gains for Brent, WTI, and Omani crude.

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According to BNY analyst Geoff Yu, the United States and Iran have agreed to halt mutual attacks and resume discussions regarding the Strait of Hormuz. The deal aims to allow maritime shipping to proceed more freely through the strategic waterway.

Markets reacted cautiously but positively, with Brent, West Texas Intermediate (WTI), and Omani crude futures all edging higher. The de-escalation reduces the immediate risk of supply disruption, providing support for crude prices in the near term.

Source: FXStreet Forex News