Oil closes at highest level in a week, reaches $96

Oil prices eased on Tuesday as profit-taking followed the previous session's rally

Oil prices rose at the close of volatile trading today, June 2, as investors awaited any news on developments in the Middle East war, amid Tehran's review of a proposed agreement with the US to end the conflict.

Brent crude, the global benchmark, closed at its highest level since May 26, after Iranian media reported that Tehran was reviewing the proposal without having contacted Washington for days, following statements by US President Donald Trump confirming that negotiations would continue.

More than three months after the US and Israeli strikes against Iran, the conflict has turned into a stalemate that has led to the near-complete closure of the Strait of Hormuz, the pivotal waterway for the global oil market.

Regarding global supplies, the head of the oil markets department at the International Energy Agency indicated that global oil inventories could reach critical or historically low levels before the peak of the summer demand period, if the withdrawal from inventories continues at its current rate.

*Settlement on June 2.