Brent Crude Falls Below $95 After Oman Says Port Operating Normally

Oil prices dipped on June 5, 2026, after Oman confirmed that operations at the Mina al Fahal export terminal were proceeding normally, easing supply disruption fears. Earlier reports of an explosion near mooring berths had briefly suspended loadings. Brent crude futures fell 50 cents, or 0.53%, to $94.53 a barrel by 0915 GMT, while U.S. West Texas Intermediate declined 43 cents to $92.61. Both benchmarks remain on track for their first weekly gain in three weeks, with Brent up 2.7% and WTI around 6%. Persistent Middle East tensions support prices. Hezbollah rejected a U.S.-brokered ceasefire deal between Israel and Lebanon, complicating Iran peace talks. Iran has made a Lebanon ceasefire a condition for any agreement. Meanwhile, Iranian oil exports have slumped to a six-year low due to a U.S. naval blockade, though weak Chinese demand has capped price gains. OPEC maintained its 2026 oil demand growth forecast at 1.2 million barrels per day.