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.

Brent fell to 94.41 USD/Bbl on June 4, 2026, down 3.47% from the previous day. Over the past month, Brent's price has fallen 14.07%, but it is still 44.49% 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 4 of 2026.

Brent fell to 94.41 USD/Bbl on June 4, 2026, down 3.47% from the previous day. Over the past month, Brent's price has fallen 14.07%, but it is still 44.49% 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 92.66 -3.110 -3.24% -9.40% 46.22% Jun/04
Brent 95.04 -2.670 -2.73% -13.50% 45.45% Jun/04
Natural gas 3.35 0.1385 4.31% 20.25% -8.83% Jun/04
Gasoline 3.04 -0.0927 -2.96% -16.07% 47.56% Jun/04
Heating Oil 3.66 -0.1765 -4.59% -9.07% 75.15% Jun/04
Coal 146.25 4.95 3.50% 7.89% 40.02% Jun/03
Ethanol 1.93 -0.0200 -1.03% -4.69% 15.40% Jun/04
Naphtha 713.46 -37.88 -5.04% -24.25% 34.99% Jun/04
Propane 0.82 -0.02 -2.52% -10.35% 14.76% Jun/04
Uranium 86.10 -0.1500 -0.17% -0.40% 20.59% Jun/03
Methanol 3,135.00 27.00 0.87% -3.54% 36.90% Jun/04
Urals Oil 88.72 1.78 2.05% -21.13% 49.59% Jun/03


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
94.41 97.81 147.50 2.23 1970 - 2026 USD/BBL Daily

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