OIL FUTURES: Prices open higher following Iranian, US attacks

Oil futures edged higher during the market open on June 28, following fresh attacks by both Iran and the US.

NYMEX August WTI opened $1.27/barrel higher at $70.50/b, and ICE August Brent opened up $1.15/b at $73.14/b.

NYMEX July RBOB opened 2.27 cents/gallon higher at $2.9798/gal while July ULSD climbed 16.14 cents/gal to $3.2636/gal.

According to media reports, Iran targeted Bahrain and Kuwait with missiles on June 28, following US airstrikes against Iran.

A ship was struck by an unknown projectile in the Strait of Hormuz on June 27, causing damage to the bridge, although the crew was safe, the UK Maritime Trade Operations said on X on June 27. US Central Command said separately the attack was on the oil tanker Kiku, which was seen on June 28 offshore of Fujairah, UAE, according to S&P Global Commodities at Sea.

The ship manager, Apex Shipping & Energy, could not be reached for comment.

The threat level of an attack for merchant shipping in Hormuz was raised to "substantial," meaning an attack is a strong possibility, the Joint Maritime Information Center said in a separate statement on June 27, citing "attacks on merchant vessels."

On June 25, the Singapore-flagged, 8,500-TEU Ever Lovely container ship was struck 3.6 nautical miles southwest of Khawr Naiwah, Oman, the shipowner Evergreen has said. Both the US and Iran have made retaliatory attacks since then, including an attack on Bahrain.

According to US officials, the US and Iran are expected to meet on June 30 in Qatar to continue discussions, following a memorandum of understanding signed on June 17, Axios reported on June 28, following the weekend attacks.

The White House could not be reached for comment.