Oil prices extend gains after Iran suspends talks with the US
June 1, 2026 07:56 pm
Oil prices are rising more sharply after Iranian state media reported Iran had suspended talks with the United States, dashing hopes that a deal towards ending the war could be agreed in the coming days.
Brent crude, the global oil benchmark, gained 6% to trade at $97.02 a barrel shortly before 10 a.m. ET. West Texas Intermediate, the US benchmark, climbed around 7.5% to $93.93 a barrel for delivery in July.
The latest moves come after hopes for a US-Iran deal had sent Brent crude down 19.3% in May, its biggest monthly decline since March 2020 when pandemic lockdowns began, according to Deutsche Bank analysts.
Brent is still well below the high of $114 a barrel at which it settled on April 5, but roughly 25% higher than it was just before the US and Israel attacked Iran.
“Anything under $100 (a barrel) is pricing a good outcome,” Neil Wilson, a strategist at investment bank Saxo wrote in a note.
Source: CNN
-- Agencies
