Oil Climbs for Third Straight Session

2026-06-03 02:49 By Jam Kaimo Samonte 1 min. read

WTI crude futures climbed toward $95 per barrel on Wednesday, marking a third consecutive session of gains as ongoing uncertainty surrounding US-Iran peace negotiations and renewed conflict in the Middle East continued to support a geopolitical risk premium in oil markets.

According to the US Central Command, Iran launched ballistic missiles toward neighboring countries, while US forces carried out strikes on Qeshm Island in retaliation for attempted attacks attributed to Tehran.

Despite the escalation, President Donald Trump insisted that negotiations with Iran remain active, pushing back against reports from Iranian state media claiming that talks with Washington had been suspended due to the fighting in Lebanon.

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 climbed toward $95 per barrel on Wednesday, marking a third consecutive session of gains as ongoing uncertainty surrounding US-Iran peace negotiations and renewed conflict in the Middle East continued to support a geopolitical risk premium in oil markets. According to the US Central Command, Iran launched ballistic missiles toward neighboring countries, while US forces carried out strikes on Qeshm Island in retaliation for attempted attacks attributed to Tehran. Despite the escalation, President Donald Trump insisted that negotiations with Iran remain active, pushing back against reports from Iranian state media claiming that talks with Washington had been suspended due to the fighting in Lebanon. 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.
2026-06-03
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