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Brent Crude Rises Above $93 on Monday Amid US-Iran Peace Talk Uncertainty

GateNews

2026-06-01 04:04:20

On Monday, Brent crude futures rose above $93 per barrel, recovering losses from the previous week, as uncertainty persisted over prospects for a US-Iran peace agreement. Over the weekend, both sides exchanged revised proposals for a draft accord aimed at extending the ceasefire period and reopening the Strait of Hormuz for international shipping. However, it remains unclear whether substantive progress has been achieved. The strait's near-closure has caused unprecedented disruption to global energy supplies, keeping oil prices elevated despite recent monthly declines driven by market expectations of a more durable agreement between Washington and Tehran.

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