Oil prices rose early on Monday as gold retreated, signaling investors remain concerned about supply risks in the Middle East but are growing more confident that the latest US-Iran military exchanges will not escalate into a full-scale regional war.
As of 8:32 a.m. in Tokyo on June 29, 2026, Brent crude, the international benchmark, rose 0.55% to$72,389according to Trading Economics.
West Texas Intermediate (WTI) crude oil rose 1.33% to $70.15.
Natural gas futures rose 0.82% to 3.306, gasoline rose 0.90% to 2.9836 and heating oil added 1.30% to 3.2499, reflecting lingering concerns over energy supplies as tensions continue around the Gulf.
The gains came despite ongoing diplomatic efforts between Washington and Tehran.
Technical talks on the implementation of the US-Iran memorandum of understanding remain scheduled, even after the two sides exchanged missile and drone strikes over the weekend.
Investors continue to monitor developments around the Strait of Hormuz, through which roughly one-fifth of the world’s seaborne oil passes.
Although commercial traffic has resumed, shipping remains below normal levels and higher insurance and freight costs continue to support crude oil prices.
Gold falls
The requirement for safe housing, however, was eased.
Gold fell 0.57% to 4,063.75, while silver slipped 0.20% and copper fell 0.19%, suggesting investors moved away from defensive assets as fears of an immediate disruption to global oil flows eased.
Agricultural commodities were mixed. Soybeans fell 0.07%, while wheat fell 2.27%, extending losses amid improving supply expectations. Coal eased 0.28%, while steel gained 0.33%, reflecting steady industrial demand.
European energy markets moved in the opposite direction.
EU natural gas futures fell 2.74% to 40.87, indicating traders expect regional gas supplies to remain adequate despite geopolitical uncertainty.
Overall, commodity markets reflected a careful balancing act: traders continue to price out a geopolitical risk to oil, while betting that diplomacy and military restraint will prevent the Gulf crisis from severely disrupting global energy supplies.
