Brent Crude Slips as US-Iran Uncertainty Persists

2026-06-02 08:50 By Agna Gabriel 1 min. read

Brent crude oil futures fell around 1% to below $94 per barrel on Tuesday, following a 4.2% surge in the previous session, as investors weighed ongoing uncertainty surrounding US-Iran negotiations and the future of shipping through the Strait of Hormuz.

Concerns that energy flows from the Persian Gulf could remain disrupted for longer continued to support market volatility.

Prices had jumped on Monday after reports that Iran was suspending talks with Washington in response to Israel’s military operations in Lebanon, before easing after President Donald Trump said negotiations were still ongoing.

Trump also said a memorandum of understanding to reopen the Strait of Hormuz could be reached as early as next week, although several issues remain unresolved.

Mixed messages from Trump and Israeli Prime Minister Benjamin Netanyahu on the situation in Lebanon added to the uncertainty, while Lebanese officials said further ceasefire discussions are scheduled this week.



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Brent Crude Slips as US-Iran Uncertainty Persists
Brent crude oil futures fell around 1% to below $94 per barrel on Tuesday, following a 4.2% surge in the previous session, as investors weighed ongoing uncertainty surrounding US-Iran negotiations and the future of shipping through the Strait of Hormuz. Concerns that energy flows from the Persian Gulf could remain disrupted for longer continued to support market volatility. Prices had jumped on Monday after reports that Iran was suspending talks with Washington in response to Israel’s military operations in Lebanon, before easing after President Donald Trump said negotiations were still ongoing. Trump also said a memorandum of understanding to reopen the Strait of Hormuz could be reached as early as next week, although several issues remain unresolved. Mixed messages from Trump and Israeli Prime Minister Benjamin Netanyahu on the situation in Lebanon added to the uncertainty, while Lebanese officials said further ceasefire discussions are scheduled this week.
2026-06-02
Brent Slips as US-Iran Uncertainty Persists
Brent crude futures slipped toward $94 per barrel on Tuesday, trimming gains from the previous session as investors continued to assess uncertainty surrounding US-Iran peace negotiations. On Monday, Iranian media reported that Tehran had suspended communications with Washington in response to Israeli strikes in Lebanon. Meanwhile, President Donald Trump said talks are still ongoing, adding that Iran has not informed Washington of any decision to end negotiations. President Trump and Israeli Prime Minister Benjamin Netanyahu also offered differing accounts of a recent call regarding the conflict in Lebanon. At the same time, Lebanese authorities called for any extension of the ceasefire agreement between Hezbollah and Tel Aviv to cover all Lebanese territory, underscoring the complexity of efforts to ease regional tensions.
2026-06-02
Brent Pares Gains Amid US-Iran Stalemate
Brent crude futures fell to around $94 per barrel on Tuesday, paring gains from the previous session as ongoing peace talks between the US and Iran showed little progress, keeping markets cautious about supply disruptions. On Monday, Iranian media reported that Tehran had suspended communications with Washington in response to Israeli strikes in Lebanon. The report also indicated that Iran and its regional allies are considering the full closure of the Strait of Hormuz and the Bab el-Mandeb Strait, a key alternative route for global oil shipments. Meanwhile, President Donald Trump said negotiations remain ongoing and noted that a memorandum of understanding with Iran to reopen the Strait of Hormuz could be reached within the next week. Separately, Lebanese authorities called for all Lebanese territory to be covered under any extension of the ceasefire agreement between Hezbollah and Tel Aviv.
2026-06-01