Brent Drops on Friday, Heads for Weekly Gain

2026-06-05 14:34 By Agna Gabriel 1 min. read

Brent crude oil futures fell to below $94 per barrel on Friday, extending a 2.8% fall in the previous session, as investors looked for signs of progress in US-Iran negotiations while uncertainty persisted over a ceasefire between Israel and Lebanon.

President Donald Trump said talks with Tehran were progressing well, despite Iran-backed Hezbollah rejecting a US-brokered ceasefire proposal.

Brent remains nearly 3% higher for the week after renewed clashes between US and Iranian forces dampened hopes for a deal that could restore flows through the Strait of Hormuz.

Trump has since struck a more optimistic tone, saying the strait could reopen quickly if Iran agrees to a memorandum of understanding to halt hostilities.

However, little concrete progress has emerged, with Israel’s continued operations in Lebanon remaining a key obstacle.

Elsewhere, loadings at Oman’s Mina Al Fahal export terminal were temporarily delayed following an explosion, although operations later resumed.



News Stream
Brent Drops on Friday, Heads for Weekly Gain
Brent crude oil futures fell to below $94 per barrel on Friday, extending a 2.8% fall in the previous session, as investors looked for signs of progress in US-Iran negotiations while uncertainty persisted over a ceasefire between Israel and Lebanon. President Donald Trump said talks with Tehran were progressing well, despite Iran-backed Hezbollah rejecting a US-brokered ceasefire proposal. Brent remains nearly 3% higher for the week after renewed clashes between US and Iranian forces dampened hopes for a deal that could restore flows through the Strait of Hormuz. Trump has since struck a more optimistic tone, saying the strait could reopen quickly if Iran agrees to a memorandum of understanding to halt hostilities. However, little concrete progress has emerged, with Israel’s continued operations in Lebanon remaining a key obstacle. Elsewhere, loadings at Oman’s Mina Al Fahal export terminal were temporarily delayed following an explosion, although operations later resumed.
2026-06-05
Brent Steadies Around $95
Brent crude oil futures held near $95 per barrel on Friday after falling 2.8% in the previous session, as investors looked for signs of progress in US-Iran negotiations while uncertainty persisted over a ceasefire between Israel and Lebanon. President Donald Trump said talks with Tehran were progressing well, despite Iran-backed Hezbollah rejecting a US-brokered ceasefire proposal. Brent remains more than 4% higher for the week after renewed clashes between US and Iranian forces dampened hopes for a deal that could restore flows through the Strait of Hormuz. Trump has since struck a more optimistic tone, saying the strait could reopen quickly if Iran agrees to a memorandum of understanding to halt hostilities. However, little concrete progress has emerged, with Israel’s continued operations in Lebanon remaining a key obstacle. Elsewhere, loadings at Oman’s Mina Al Fahal export terminal were temporarily delayed following an explosion, although operations later resumed.
2026-06-05
Brent Holds Decline on Diplomatic Hopes
Brent crude futures traded below $95 per barrel on Friday after losing nearly 3% in the previous session, weighed down by hopes that the US and Iran could still find a diplomatic solution to end the war and reopen the Strait of Hormuz. President Donald Trump has reportedly been hesitant to reengage in a full-scale war with Iran despite recent confrontations, and would only consider ending the current truce if Tehran kills American troops. Even so, the international oil benchmark is still up more than 4% for the week, as negotiations between Washington and Tehran have yet to show meaningful progress, while Israel’s ongoing military operations in Lebanon is becoming a key obstacle. Iran-backed Hezbollah rejected a US-mediated ceasefire proposal between Israel and Lebanon, although President Trump said the group had approached the White House to discuss ending the hostilities.
2026-06-04