Crude oil prices turned sharply volatile as tanker attacks pushed Brent above $90 before renewed Iran talks erased much of the rally. WTI also reversed from the $84-$85 area, leaving both benchmarks caught between supply fears and hopes for diplomacy.
Brent Briefly Tops $90 as Tanker Attacks Threaten Hormuz Supply
Brent crude briefly climbed above $90 per barrel after renewed attacks on shipping intensified concerns about oil flows through the Strait of Hormuz. The international benchmark reached $91.42, its highest level since June 11, while WTI touched $85.39.
Brent crude chart. Source: Kamran Asghar/X
Greek shipping company Dynacom Tankers said two vessels under its management were struck by projectiles of unknown origin off Oman. Separately, Iran’s Revolutionary Guards claimed two oil tankers exploded and became immobilized after using what it described as an unsafe route through the strait. It remains unclear whether the reports referred to the same vessels.
Shipping activity has slowed sharply. Only four vessels crossed the Strait of Hormuz on Sunday, down from eight the previous day. Before the war, the waterway handled about 20% of global oil supplies, making any prolonged disruption a major risk for energy markets.
The conflict widened over the weekend as the U.S. carried out a ninth consecutive night of strikes against Iran, while Kuwait and Bahrain reported further Iranian attacks. Yemen’s Houthis also announced a naval blockade against Saudi Arabia, raising additional concerns about oil exports through the Red Sea.
However, oil later gave back most of its gains after mediators proposed a 10-day U.S.-Iran ceasefire aimed at reviving last month’s interim agreement. Brent fell back toward $88, showing that prices remain highly sensitive to both military escalation and diplomatic developments.
WTI Erases Rally as Iran Talks Cut the War Premium
Meanwhile, WTI crude reversed sharply after filling the chart gap near $84-$85. The decline followed renewed diplomatic signals, with Marco Rubio saying the U.S. remains open to a negotiated solution and Iran confirming it received proposals through mediators.
WTI daily chart. Source: Gonzo/X
The gap area acted as resistance, with price briefly reaching about $85.60 before falling back toward $81. This rejection suggests buyers could not maintain momentum once the earlier technical imbalance was filled.
The market reaction also shows how much geopolitical risk had been built into oil prices. Reports of a proposed ceasefire pushed WTI below $80 during the session as traders reduced bets on a prolonged supply disruption.
WTI now needs to recover the $82-$85 zone to restart the rally. Continued weakness below it could return price toward $78, followed by support near $75.
However, negotiations remain uncertain, and both sides continue military operations. Any failure in the diplomatic process could quickly restore the risk premium and send oil back toward resistance.
