Oil prices near pre-war levels — but persistent supply risks could spark a rebound, analysts warn

• Strait of Hormuz shipping is unlikely to rebound quickly to pre-war levels, as companies grapple with unclear ceasefire terms, higher insurance costs and mine risks.
• Iran is set to continue to exert its leverage over the Strait of Hormuz energy chokepoint to push for greater control over vessel traffic, strategists say.
• Oil prices have eased back toward $70 a barrel, but analysts warn the market may be underestimating lingering shipping risks and the demand to rebuild depleted inventories.

Oil prices have fallen back sharply to near pre-war levels over recent weeks in response to a fragile truce between the U.S. and Iran, and diplomatic efforts to bring the conflict to a lasting conclusion.

Source: https://www.cnbc.com/2026/06/29/strait-of-hormuz-shipping-iran-oil-war-us.html