Oil Price Jumps 5% to $95 as Iran Suspends Negotiations with US

martedì 2 giugno 2026 New tab

TL;DRAI

Iran suspends US talks, threatens Strait of Hormuz closure over Lebanon ceasefire breach; oil +5% to $95/barrel. Escalation poses energy cost risks for data center operations and potential disruption to Asia-EU supply chains.

699 words~3 min read

Oil Price Jumps 5% to $95 as Iran Suspends Negotiations with US

• Trump disagrees, says talks continuing at fast pace

Emmanuel Addeh in Abuja

Oil prices surged yesterday after Iran suspended all exchange of negotiation messages with the U.S. due to continued Israeli ceasefire violations in Lebanon, dashing hopes for an imminent peace deal between Washington and Tehran to end the war in the Middle East.

West Texas Intermediate (WTI) crude contract for July delivery rose 5.8 per cent to $92.49 a barrel, on pace for its largest one-day gain since April 29, while Brent crude’s August contract was up 4.9 per cent to $95.60 a barrel, on track for its best day since May 4.