Brent Crude Down to $94

2026-06-04 12:13 By Joana Taborda 1 min. read

Brent crude futures extended losses to fall more than 3% to $94 per barrel on Thursday, snapping a three-day rally, as hopes for an agreement with Iran to end the conflict increased.

The US said that Israel and Lebanon had agreed to a ceasefire, conditional on Hezbollah also halting its attacks.

Tehran has made a ceasefire in Lebanon a condition for any peace deal with Washington.

Lebanese President Aoun added that the ceasefire would come into force within 24 hours of all concerned parties approving it.

Also, President Trump said on Wednesday that progress in negotiations with Iran could be achieved as early as this weekend.

However, uncertainty about the end of the war persists and tensions in the region remain elevated.

Iran said there had been no recent progress in talks with the US and Israel's Defence Minister said Israel will continue to strike Lebanon.

Also, the US and Iran have exchanged strikes in recent days, while the conflict has spilled over into Bahrain and Kuwait.



News Stream
Brent Crude Down to $94
Brent crude futures extended losses to fall more than 3% to $94 per barrel on Thursday, snapping a three-day rally, as hopes for an agreement with Iran to end the conflict increased. The US said that Israel and Lebanon had agreed to a ceasefire, conditional on Hezbollah also halting its attacks. Tehran has made a ceasefire in Lebanon a condition for any peace deal with Washington. Lebanese President Aoun added that the ceasefire would come into force within 24 hours of all concerned parties approving it. Also, President Trump said on Wednesday that progress in negotiations with Iran could be achieved as early as this weekend. However, uncertainty about the end of the war persists and tensions in the region remain elevated. Iran said there had been no recent progress in talks with the US and Israel's Defence Minister said Israel will continue to strike Lebanon. Also, the US and Iran have exchanged strikes in recent days, while the conflict has spilled over into Bahrain and Kuwait.
2026-06-04
Brent Crude Below $97
Brent crude futures fell nearly 1% to below $97 per barrel on Thursday, snapping a three-day rally, as hopes for an agreement with Iran to end the conflict increased modestly. The US said that Israel and Lebanon had agreed to a ceasefire, conditional on Hezbollah also halting its attacks. However, there was no immediate indication that Hezbollah had accepted the terms of the agreement. Also, President Trump said on Wednesday that progress in negotiations with Iran could be achieved as early as this weekend. Despite these diplomatic and political signals, tensions in the region remain elevated. The US and Iran have exchanged strikes in recent days, while the conflict has spilled over into Bahrain and Kuwait. On the supply side, EIA data showed that US crude oil inventories fell for a sixth consecutive week, bringing stockpiles closer to minimum operating levels.
2026-06-04
Brent Eases as Markets Assess US-Iran Tensions
Brent crude futures fell below $97 per barrel on Thursday after three consecutive sessions of gains, as investors assessed escalating tensions between the US and Iran that continue to cloud prospects for a peace agreement and the normalization of Middle Eastern energy flows. Following a US strike on an empty oil tanker bound for Iran on Tuesday, Iran launched attacks on US naval bases in Bahrain and Kuwait, as well as commercial vessels. Shipping through the Strait of Hormuz, a key route for roughly one-fifth of global oil and LNG supplies, has remained subdued since the conflict began. Still, reports suggest traffic through the waterway has picked up over the past two weeks, with some vessels operating in coordination with the US military, though volumes remain well below pre-conflict levels. Meanwhile, EIA data showed US crude inventories declined for a sixth consecutive week, approaching minimum operating levels.
2026-06-03