Brent Climbs for Third Straight Session

2026-06-02 23:37 By Jam Kaimo Samonte 1 min. read

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.



News Stream
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
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