Oil closes higher as tensions resurface in Middle East
Oil prices rose at the close of trading today, June 3, amid renewed hostilities in the Middle East and signs of a lack of progress in diplomatic talks between the US and Iran.
Iran launched missile attacks on neighboring countries, and US forces responded by launching strikes at the Iranian island of Qeshm, further deteriorating diplomatic prospects for ending the war, despite President Donald Trump's announcement that Tehran had agreed not to possess a nuclear weapon.
Oil prices were also supported by official data showing that US oil inventories fell by eight million barrels last week, compared to expectations that indicated a decrease of only four million barrels, driven by strong demand for export and refining.
|
Brent, WTI Futures Prices |
|||
|
Crude |
Price ($/bbl) |
Change ($) |
Change |
|
Brent (August delivery) |
97.81 |
1.81 |
+1.89% |
|
US WTI (July delivery) |
96.02 |
2.26 |
+2.41% |
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