Oil prices fall amid Trump’s talks with Iran
Key points
- Oil prices trended lower on Tuesday (June 2, 2026) following the previous session's sharp gains as the market remained cautious about progress in U.S.-Iran peace talks.
- U.S. President Donald Trump said on Monday (June 1, 2026) talks with Iran were ongoing, while Tasnim news agency reported earlier that Tehran had suspended indirect negotiations with Washington.
- Brent crude futures lost 75 cents, or 0.79%, to $94.23 a barrel at 0434 GMT, while U.S. West Texas Intermediate fell 85 cents, or 0.92%, to $91.31 a barrel.
- Both benchmarks rose more than 5% in the previous session, having posted a monthly loss of more than 16% in May on hopes of a peace deal.
- "While markets had hoped to move past the uncertainty amid prospects of a potential deal, nothing appears to have changed for oil as of this morning," said Priyanka Sachdeva, senior market analyst at Phillip Nova.
Quick Summary
Oil prices trended lower on Tuesday (June 2, 2026) following the previous session's sharp gains as the market remained cautious about progress in U.S.-Iran peace
Why It Matters
This development is important because it may impact public opinion, policy decisions, and future developments related to Oil prices fall amid Trump’s talks with Iran.
Key Takeaways
- Oil prices trended lower on Tuesday (June 2, 2026) following the previous session's sharp gains as the market remained cautious about progress in U.S.-Iran peace talks.
- President Donald Trump said on Monday (June 1, 2026) talks with Iran were ongoing, while Tasnim news agency reported earlier that Tehran had suspended indirect negotiations with Washington.
- Brent crude futures lost 75 cents, or 0.79%, to $94.23 a barrel at 0434 GMT, while U.S.
- West Texas Intermediate fell 85 cents, or 0.92%, to $91.31 a barrel.
- Both benchmarks rose more than 5% in the previous session, having posted a monthly loss of more than 16% in May on hopes of a peace deal.
📌 Source: The Hindu
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