Oil prices drop as Iran reviews proposed US peace deal
Brent and WTI crude futures fell on Tuesday as Iran evaluated a proposed agreement to end the conflict with the United States. While negotiations continue over reopening the Strait of Hormuz, analysts warn that global inventories could reach critical lows if regional supply disruptions persist.
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Brent Crude Oil fell $0.69 to $94.29 a barrel on June 2 as Iran reviewed a U.S. peace proposal. The price drop follows a 16% decline in May and paring gains from the previous session. Investors are monitoring the potential reopening of the Strait of Hormuz alongside global inventory levels.
