Back to today’s briefing

Story perspectives

Brent Surges $73 Amid US-Iran Strikes, Iranian Market Collapse

6/29/2026

50 9 Full Breakdown

Summary

Story summary

Brent crude rose above $73 a barrel as renewed U.S.–Iran strikes revived fears for the Strait of Hormuz.
Iran ordered ships to use a northern route near its coast and to levy maritime service fees.
U.S. gasoline prices remained about $3.87 a gallon, roughly 30 % above pre-war levels.
Iran’s markets fell as the rial slipped to about 1.7 million per dollar and the Tehran Stock Exchange lost over 100,000 points.

History

Historical Context

October 1973 OAPEC’s oil embargo on the United States and other Israel-supporting nations drove crude from $3 to $12 a barrel, sparking the first oil shock and prompting the U.S. to create the International Energy Agency and strategic reserves. The episode showed how chokepoints such as the Strait of Hormuz can reshape trade, a lesson echoed in today’s Brent surge above $73.

1 of 2

Story summary

Brent crude rose above $73 a barrel as renewed U.S.–Iran strikes revived fears for the Strait of Hormuz.
Iran ordered ships to use a northern route near its coast and to levy maritime service fees.
U.S. gasoline prices remained about $3.87 a gallon, roughly 30 % above pre-war levels.
Iran’s markets fell as the rial slipped to about 1.7 million per dollar and the Tehran Stock Exchange lost over 100,000 points.

1 / 2