By Isabel Wang and Myra P. Saefong
Talks with Iran are 'continuing, at a rapid pace,' and Israel and Hezbollah have agreed to stop attacking each other in Lebanon: President Trump
Oil prices ended sharply higher on the first trading day of June after President Donald Trump said U.S.-Iranian peace talks had resumed following a pause on Monday morning, when Iran reportedly suspended all exchange of negotiation messages with the U.S. due to continued Israeli cease-fire violations in Lebanon.
The West Texas Intermediate crude contract for July delivery (CL.1) (CLN26) popped 5.5% to settle at $92.16 a barrel after hitting a session high of $94.78 in morning action. It was the largest one-day dollar and percentage gain since April 29.
Brent crude's August contract (BRN00) (BRNQ26) was up 4.2% to end at $94.98 a barrel, also coming off its session high. The global oil benchmark snapped a three-session losing streak and logged its best day since May 4, according to Dow Jones Market Data.
