Brent crude futures climbed above $97 per barrel on Wednesday, marking a third consecutive session of gains as ongoing uncertainty surrounding US-Iran peace negotiations and renewed conflict in the Middle East continued to support a geopolitical risk premium in oil markets. According to the US Central Command, Iran launched ballistic missiles toward neighboring countries, while US forces carried out strikes on Qeshm Island in retaliation for attempted attacks attributed to Tehran. Despite the escalation, President Donald Trump insisted that negotiations with Iran remain active, pushing back against reports from Iranian state media claiming that talks with Washington had been suspended due to the fighting in Lebanon. Meanwhile, in the US, industry data showed crude inventories declined by 6.8 million barrels last week. If confirmed by official government figures due later on Wednesday, it would mark the sixth consecutive weekly drawdown in US crude stockpiles.

Brent rose to 98.21 USD/Bbl on June 3, 2026, up 2.30% from the previous day. Over the past month, Brent's price has fallen 14.18%, but it is still 51.42% higher than a year ago, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Historically, Brent crude oil reached an all time high of 147.50 in July of 2008. Brent crude oil - data, forecasts, historical chart - was last updated on June 3 of 2026.

Brent rose to 98.21 USD/Bbl on June 3, 2026, up 2.30% from the previous day. Over the past month, Brent's price has fallen 14.18%, but it is still 51.42% higher than a year ago, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Brent crude oil is expected to trade at 92.30 USD/BBL by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 105.62 in 12 months time.



Price Day Month Year Date
Crude Oil 95.74 1.982 2.11% -10.03% 52.33% Jun/03
Brent 98.06 2.058 2.14% -14.31% 51.18% Jun/03
Natural gas 3.23 0.0656 2.07% 12.75% -13.01% Jun/03
Gasoline 3.17 0.0286 0.91% -15.12% 56.21% Jun/03
Heating Oil 3.84 0.1392 3.76% -5.78% 85.82% Jun/03
Coal 141.30 1.00 0.71% 4.24% 35.54% Jun/02
Ethanol 1.98 -0.0250 -1.25% -2.47% 16.86% Jun/02
Naphtha 758.08 -1.88 -0.25% -19.51% 41.16% Jun/02
Propane 0.85 0.01 0.60% -7.07% 15.64% Jun/02
Uranium 86.25 0.3000 0.35% -0.23% 19.96% Jun/02
Methanol 3,108.00 95.00 3.15% -4.37% 34.08% Jun/03
Urals Oil 86.94 0.17 0.20% -22.71% 43.47% Jun/02


Brent crude oil
Brent crude oil is one of the principal benchmark prices for oil traded globally. Originating from the North Sea, Brent serves as a key pricing reference for crude oil produced in Europe, Africa, and the Middle East, particularly for supplies moving westward. Due to its broad use in international trade, Brent is widely regarded as a global benchmark for oil pricing. Brent crude is typically classified as light and sweet, meaning it has relatively low density and sulfur content, making it easier to refine into products such as gasoline and diesel. Brent prices displayed on Trading Economics are based on over-the-counter (OTC) and contract for difference (CFD) financial instruments and are intended to provide a general market reference only. These prices do not represent official Brent crude benchmarks. The data is supplied by a third party and, while efforts are made to ensure its reliability, Trading Economics does not verify the data and makes no representations or warranties.
Actual Previous Highest Lowest Dates Unit Frequency
98.21 96.00 147.50 2.23 1970 - 2026 USD/BBL Daily

News Stream
Brent Climbs for Third Straight Session
Brent crude futures climbed above $97 per barrel on Wednesday, marking a third consecutive session of gains as ongoing uncertainty surrounding US-Iran peace negotiations and renewed conflict in the Middle East continued to support a geopolitical risk premium in oil markets. According to the US Central Command, Iran launched ballistic missiles toward neighboring countries, while US forces carried out strikes on Qeshm Island in retaliation for attempted attacks attributed to Tehran. Despite the escalation, President Donald Trump insisted that negotiations with Iran remain active, pushing back against reports from Iranian state media claiming that talks with Washington had been suspended due to the fighting in Lebanon. Meanwhile, in the US, industry data showed crude inventories declined by 6.8 million barrels last week. If confirmed by official government figures due later on Wednesday, it would mark the sixth consecutive weekly drawdown in US crude stockpiles.
2026-06-03
Brent Climbs for Third Straight Session
Brent crude futures rose toward $98 per barrel on Wednesday, gaining for a third straight session as uncertainty surrounding US-Iran peace talks kept a geopolitical risk premium in oil markets. Iranian media reports cast doubt on the progress of the negotiations, despite President Donald Trump maintaining that discussions remain ongoing. According to reports, Trump is seeking written commitments from Iran on specific nuclear-related concessions as part of a preliminary framework aimed at ending the conflict, after Tehran had previously provided verbal assurances on certain aspects of its nuclear program. The lack of a breakthrough has heightened concerns that global crude inventories may need to be drawn down further. Meanwhile, in the US, industry data showed crude inventories declined by 6.8 million barrels last week. If confirmed by official government figures due later on Wednesday, it would mark the sixth consecutive weekly drawdown in US crude stockpiles.
2026-06-02
Brent Volatile as Markets Assess US-Iran Peace Prospects
Brent crude oil futures fluctuated around $95 per barrel on Tuesday after surging 4.2% in the previous session, as traders weighed conflicting signals over the prospects for a US-Iran peace agreement. Iranian news agencies raised doubts about progress in negotiations, despite President Donald Trump stating a day earlier that talks were continuing. Trump said a memorandum of understanding to reopen the Strait of Hormuz could be reached within the next week, although several issues still need to be resolved. Uncertainty surrounding a possible extension of the ceasefire and the future of shipping through Hormuz has kept oil markets volatile after prices fell sharply last month on hopes for a breakthrough. Adding to the uncertainty, Trump and Israeli Prime Minister Benjamin Netanyahu gave differing accounts of discussions on Lebanon, while Lebanese officials said negotiations aimed at expanding a US-brokered ceasefire are continuing this week.
2026-06-02