{"id":17112,"date":"2026-06-02T06:50:24","date_gmt":"2026-06-02T06:50:24","guid":{"rendered":"https:\/\/roydadnaft.ir\/English\/?p=17112"},"modified":"2026-06-02T06:50:24","modified_gmt":"2026-06-02T06:50:24","slug":"global-crude-oil-prices-today-june-2-2026-brent-oil-price-falls-to-94-23","status":"publish","type":"post","link":"https:\/\/roydadnaft.ir\/English\/17112\/","title":{"rendered":"Global Crude Oil Prices Today, June 2, 2026 \/ Brent Oil Price Falls to $94.23"},"content":{"rendered":"

RoydadNaft – <\/a><\/span>\u00a0Brent crude oil futures fell by 75 cents, or 0.79%, to $94.23 per barrel. U.S. West Texas Intermediate (WTI) crude futures also dropped 85 cents, or 0.92%, to $91.31 per barrel.<\/p>\n

According to Roydad Naft, citing Reuters, oil prices declined on Tuesday after a significant jump in the previous trading session, as markets continue to cautiously monitor developments in the peace negotiations between the United States and Iran.<\/p>\n

U.S. President Donald Trump announced on Monday that talks with Iran are still ongoing. This comes after Iran\u2019s Tasnim News Agency had previously reported that Tehran had halted indirect negotiations with Washington.<\/p>\n

At 04:34 GMT, Brent crude futures were down 75 cents (0.79%) at $94.23 per barrel. U.S. WTI crude was trading 85 cents (0.92%) lower at $91.31 per barrel.<\/p>\n

Both benchmarks had risen more than 5% in the previous trading session. However, they recorded a monthly drop of over 16% in May due to market optimism about reaching a peace agreement.<\/p>\n

Priyanka Sachdeva, senior market analyst at Phillip Nova, said: \u201cMarkets had hoped to move past the uncertainty with the prospect of a deal, but as of this morning, it appears there has been no change in the oil market situation.\u201d<\/p>\n

Trump told CNBC that the end of the negotiations doesn\u2019t matter to him. However, shortly afterward he posted on social media that talks with Iran are continuing, and he told ABC News that he expects an agreement to extend the ceasefire and reopen the Strait of Hormuz within the next week.<\/p>\n

Tim Waterer, senior market analyst at KCM Trade, stated: \u201cThe market is currently focused on whether there will be tangible progress or a setback in the U.S.-Iran negotiations. The tone and content of statements from both sides \u2014 especially Iran\u2019s threats regarding the Strait of Hormuz and the actual status of oil tanker traffic through the waterway \u2014 are key factors determining market direction.\u201d<\/p>\n

He added that the outcome of the U.S.-Iran talks will determine whether the existing geopolitical risk remains priced into oil or gradually dissipates.<\/p>\n

Lebanon announced on Monday a partial ceasefire between Hezbollah and Israel, a move that could lead to a limited reduction in tensions in the conflicts that have expanded the scope of the war with Iran.<\/p>\n

Since the start of the war, Iran has effectively halted most non-Iranian maritime traffic to and from the Persian Gulf. This has affected around one-fifth of global crude oil and liquefied natural gas flows and caused oil prices to surge more than 50%.<\/p>\n

Ship-tracking estimates show that U.S. crude oil exports reached a record 5.6 million barrels per day in May. The increase in demand from Asian and European refineries for U.S. oil amid the Middle East crisis has been cited as the main driver of this growth.<\/p>\n

According to a preliminary Reuters poll published on Monday, U.S. crude oil inventories are expected to have fallen by about 3.6 million barrels in the week ending May 29. Gasoline and middle distillate stocks are also forecast to have declined.<\/p>\n

Shipping company executives who gathered in Athens on Monday emphasized that any peace agreement between the U.S. and Iran must include clear frameworks and regulations so that vessels can resume normal operations through the Strait of Hormuz.<\/p>\n

Updated on