OIL Market Update
29 Jun 2026 • 00:42 GMT
Oil prices remain near their 30-day highs, with Brent crude trading close to $97.93 per barrel. The recent rise reflects ongoing disruptions in Middle Eastern supply routes, particularly through the Strait of Hormuz, driven by geopolitical tensions. Oil has traded within a volatile range, having hit a low of around $90.38 and a high of approximately $109.20 over the past three months.
While oil is slightly below its 3-month average of $101, the current price still indicates heightened market concern over potential supply shortages. If tensions persist or escalate, prices could climb further, possibly approaching or exceeding $120 per barrel. Such a move would have a notable impact on oil-importing currencies and could add upward pressure on inflation globally.
For traders, the key point is that oil remains in a highly active phase. Keep a close eye on geopolitical news, as ongoing conflicts in the Middle East could extend or deepen supply disruptions. Meanwhile, the current pricing supports a cautious outlook, with potential for continued volatility in oil and related currencies.