Oil Holds Near $70 as US-Iran Doha Talks Loom and Tehran Presses Hormuz Control
Updated
Updated · Bloomberg · Jun 29
Oil Holds Near $70 as US-Iran Doha Talks Loom and Tehran Presses Hormuz Control
3 articles · Updated · Bloomberg · Jun 29
Summary
West Texas Intermediate traded near $70 a barrel after a 2.2% gain on Monday, with Brent closing near $73 ahead of expected US-Iran talks in Doha.
Conflicting signals from Washington and Tehran clouded the next phase of negotiations aimed at ending the four-month war, helping keep the oil advance intact.
Kazem Gharibabadi, Iran's deputy foreign minister, said Tehran would still move to oversee Strait of Hormuz traffic if Oman does not want to do so jointly.
That stance sharpened uncertainty over management of the vital waterway, keeping energy markets focused on whether diplomacy can ease risks to Gulf crude flows.
After a landmark peace deal, why does Iran again threaten the world’s most vital oil waterway?
Is Iran turning an international strait into its own toll road under the guise of 'maritime safety'?
Iran’s Control of the Strait of Hormuz in 2026: Economic Shockwaves, Legal Battles, and the Future of Global Shipping
Overview
In late June 2026, Iran established a new and assertive control regime over the Strait of Hormuz, fundamentally changing global shipping and security. Iran now has the physical and military power to close or control the waterway, giving it a dominant position. Under this regime, Iranian-allied vessels, especially Chinese ships, can use special channels without paying tolls, while most of the world’s fleet faces exclusion or strict conditions. This has created a highly controlled and risky environment for all ships, forcing them to navigate carefully and highlighting Iran’s strong influence over this vital maritime chokepoint.