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Brent and WTI Hold Steady on Friday After Weekly Gains Amid US-Iran Negotiation Optimism

2026-06-05 15:22:01

Crude oil prices stabilized on Friday after posting their largest daily declines of the week, with Brent crude futures holding near $93 per barrel following a 2.8% drop and WTI crude trading around $91 per barrel after a 3.1% decline. Renewed optimism from President Donald Trump regarding negotiations with Iran—where he stated talks were progressing well and could lead to reopening the Strait of Hormuz—helped offset investor concerns. However, growing complications in Lebanon ceasefire efforts, including Hezbollah's rejection of the proposed truce and Israeli strikes, along with conflicting accounts from Washington and Tehran on negotiation progress, kept traders cautious. Despite the pullback, Brent remained more than 4% higher for the week.

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