Crude oil prices rise above $73/bbl after latest round of military strikes in West Asia; gold down 0.4%

Crude oil prices rose to above $73 per barrel (bbl) during the early market hours on Monday, June 29, after the investors exercised caution due to the latest round of escalations between the United States and Iran, despite an existing ceasefire MoU.

Although the oil prices remain close to their pre-war levels, the recent escalations have marginally increased the prices, as the energy markets still remain highly volatile and linked to the developments in the West Asia conflict.

Investing.com data showed that the global benchmark, Brent crude oil future prices, surged to an intraday high of $73.61 per bbl during the early market hours.

Global market investors are now focused on monitoring any further escalations on the West Asia front, as the United States and Iran continue their negotiations for the final peace deal with a 60-day window for the same.

Oil prices today

At 7:47 am (IST), the Brent crude oil prices were trading 0.92% higher at $73.27 per bbl on Monday’s market, compared to $72.60 per bbl at the previous commodity market close, according to Investing.com data.

The crude oil prices have eased more than 20% in the last one month, and over 5% in the last five trading sessions amid Trump’s peace deal with the Iranian authorities.

While the US-based West Texas Intermediate (WTI) was trading 1.23% higher at $70.08 per bbl as of 7:49 am (IST) on Monday, June 29, compared to $69.23 per bbl at the previous trading session, as per the exchange data.

Latest update on West Asia conflict

Over the weekend, the United States carried out a series of airstrikes against missile and drone storage sites in Iran as a retaliatory move against the West Asian country after an alleged violation of the ceasefire agreement.

The US Central Command, in an official statement, said that the attacks on Iran were a response to Iran's attack last week on a Panama-flagged tanker that was transiting near the Strait of Hormuz with more than two million barrels of crude oil.

US President Donald Trump, via his post on Truth Social, further threatened Iran by saying that there may come a point amid these attacks that the United States is “no longer able to be reasonable” with the West Asian nation and will be “forced” to let the military complete the task in Iran.

In response, Iran’s Islamic Revolutionary Guard Corps on Sunday targeted American military sites in neighbouring countries, including Kuwait and Bahrain.

According to a recent report from Al Jazeera, the United States and Iran have agreed to stop their attacks against each other as the countries plan to meet at Doha, Qatar, on Tuesday, June 30, 2026, to discuss their disputes in the Strait of Hormuz.

Gold prices today

At 9:43 pm (ET), the New York Mercantile Exchange-based COMEX gold prices were trading 0.42% lower at $4,079.20 per ounce on Sunday evening in the United States, compared to $4,096.30 per ounce at the previous commodity market closing.

Gold prices were trading lower due to the higher demand for the benchmark US dollar in the market. The precious metal rates have been on a downward streak due to the currency rate impact and the US Federal Reserve’s monetary policy trajectory, and estimates of an upcoming rate hike later this calendar year.

The US dollar spot index was trading at an elevated level of $101.36 as of 7:27 am (IST), compared to $101.36 at the previous currency market close, according to Investing.com data.

In cases of a higher US dollar value in the market, the commodity rates of gold take a hit as the traders purchase fewer quantities of gold at a higher dollar price, as they switch their bets to other safe havens and yielding assets like US treasury bonds.

The global benchmark currency has gained 2.5% in the last one month, and 0.35% in the last five trading sessions.