Oil Holds Decline on Diplomatic Hopes

2026-06-04 23:31 By Jam Kaimo Samonte 1 min. read

WTI crude futures held around $93 per barrel on Friday after losing more than 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 US oil benchmark is still up more than 6% 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.



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