Oil Climbs for Third Straight Session

2026-06-02 23:36 By Jam Kaimo Samonte 1 min. read

WTI crude futures rose above $95 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
Oil Climbs for Third Straight Session
WTI crude futures rose above $95 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
Crude Oil Rises Above $93
WTI prices rose more than 1% on Tuesday afternoon to above $93 per barrel after a volatile session, as investors awaited updates on the Iran conflict. Iran is reviewing a U.S. proposal to end the war but has not been in contact with Washington for several days, despite President Trump’s statement that negotiations remain underway. Trump said on Monday that talks were progressing and that an agreement to extend the ceasefire reached in April and reopen the strait could be finalized within a week. However, Israel continued its military operations in southern Lebanon on Tuesday, a day after Trump urged Netanyahu to refrain from striking Beirut in an effort to prevent the conflict from widening.
2026-06-02
WTI Wavers as Markets Assess US-Iran Peace Prospects
WTI crude oil futures fluctuated around $92 per barrel on Tuesday after surging 5.5% 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