Oil prices ticked up on Sunday as traders weighed fresh supply‑disruption worries in the Middle East. Iran’s foreign minister Abbas Araghchi said Tehran now holds exclusive authority to manage traffic through the Strait of Hormuz under a preliminary peace accord with the United States. The claim follows a series of retaliatory strikes between the two sides, reviving fears that the Gulf’s flow could be throttled to global markets this week.

Front‑month WTI futures rose 0.8%, settling at $69.78 a barrel, while Brent climbed 0.4% to $72.27. Analysts at ANZ Research warned the market may need to scrap its assumption of a swift rebound in Persian Gulf supply, noting the new Iranian traffic‑control claim could tighten shipping lanes and pressure inventories in the coming weeks.

Investors should monitor any escalation that could force carriers to reroute vessels, a move that would raise freight costs and tighten crude availability. With the Gulf accounting for roughly a third of global oil shipments, any disruption can quickly lift benchmark prices. The latest price move reflects a market that now treats the Hormuz situation as a near‑term risk for energy traders.