Oil Prices Hit One-Week High Amid Iran War Negotiations
Brent crude rose to $95.45 a barrel as the market monitored potential progress on a deal between the United States and Iran to reopen the Strait of Hormuz. While negotiations continue, global inventories face critical lows ahead of peak summer demand as analysts expect a sixth consecutive week of U.S. crude stock draws.
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Brent Crude Oil rose 0.5% to $95.45 a barrel on June 2 as Iran reviews a proposed ceasefire deal. The benchmark recovered from an earlier drop of over $2 to reach its highest level since May 26. The outcome of these negotiations determines whether a fifth of global energy flows remains choked by the closure of the Strait of Hormuz.
