You are using an outdated browser For a better experience using this site, please upgrade to a modern web browser. Subscribe Get Daily Email Subscribe --> Contact Us Sign in Home News & Features Compliance Costs Bunker Prices Bunker Intelligence World News Latest Features World Americas EMEA Asia/Pacific Home News & Features World Mild Oil Rise "Odd" After Weekend Of Renewed U.S./Iran Fighting Mild Oil Rise "Odd" After Weekend Of Renewed U.S./Iran Fighting by Ship & Bunker News Team Monday June 29, 2026 Tweet Follow @shipandbunker ING thinks overly optimistic traders are making the market vulnerable to "significant" upside risk: File Image/Pixabay Following a tanker in the Strait of Hormuz as well as Kuwait and Bahrain attacked by Iranian drones plus a counterattack by the U.S. , oil prices on Monday moved upwards , but at a relatively low rate - indicating that investor confidence in the U.S./Iran ultimately developing a peace agreement was dented but not ruined. Brent rose about 2 percent to nearly $74 per barrel, and West Texas Intermediate rose by the same rate to about $70.50 per barrel – still near prewar levels. Panic trading was said to have been avoided when the U.S. and Iran agreed to allow commercial vessels to transit the strategic waterway while scheduling a continuation of talks on their memorandum of understanding for Tuesday. “ Where that sentiment is coming from is the real challenge Philip Petursson, IG Wealth Management ING ’s Warren Patterson and Ewa Manthey in a research note published Monday were baffled by the optimism of market participants, and said  of the most recent hostilities in the Middle East , “participants appear to be shrugging off these developments, instead focusing on what a continued recovery in oil flows would mean for the global balance. “This complacency is odd and clearly leaves significant upside risk if the supply recovery proves slow – or if we see significant re-escalation; while the oil market is techn