renewed U.S.-Iran strikes reignite Middle East supply fears
Oil tankers and cargo ships are anchored off Sultan Qaboos Port in Muscat, Oman, on June 21, 2026. The Strait of Hormuz, a vital shipping route for the region’s oil and gas, has been effectively blockaded since the outbreak of war between the United States and Iran in late February. On Sunday, US Vice President JD Vance arrived in Switzerland for high-level talks with the Iranian delegation; Both sides are trying to clarify the terms for ending the war.
Elke Scholiers | Getty Images News | Getty Images
Oil prices rose on Monday after renewed military strikes between the United States and Iran reignited concerns about crude oil supplies from the Middle East.
West Texas Intermediate futures rose 0.71% to $69.72 a barrel, falling below $70 on Friday for the first time since Feb. 27, the day before the start of the Iran war. International Brent rose 0.36% to $72.25.
Talks aimed at ending the conflict between the United States and Iran have reportedly been paused after Washington launched an attack on Iran’s military facilities in response to Tehran’s recent attacks on commercial ships in the Strait of Hormuz.
A Pakistani source involved in the talks told MS NOW that talks have been suspended but representatives of all parties remain in Switzerland and are ready to resume talks once approval is received. The source did not specify who initiated the pause.
A senior Trump administration official disputed reports that talks had been stalled, saying: “Nothing has been canceled.” The official added: “Technical discussions regarding implementation [memorandum of understanding] “We continue on our way as planned in the coming days.”
“Technical discussions are planned to continue in all areas of the MoU,” a US official later told CNBC on Sunday.
“Both sides will withdraw for now and ships will be able to move freely,” the official said.
The latest diplomatic uncertainty follows a rekindle of hostilities. President Donald Trump warned Iran of devastating consequences after US forces targeted Iranian military facilities in retaliation for attacks on ships passing through the strategically important Strait of Hormuz.
Iran’s neighboring countries, Kuwait and Bahrain, reported missile and drone attacks throughout the night.
Trump wrote on Truth Social: “US aircraft hit Iran’s missile and drone depots and coastal radar sites for AGAIN violation of the Armistice Agreement!”
— CNBC’s Azhar Shukri And Garrett Downs Contributors to this report
