Oil Prices Surge on Stalled U.S.-Iran MoU and Strait of Hormuz Blockade

Crude oil prices surged on June 2, 2026, as a delayed U.S.-Iran memorandum of understanding and the blockade of the Strait of Hormuz threatened global supply. West Texas Intermediate crude rose 5.3% to $78.40 a barrel, while Brent crude jumped 5.7% to $82.15, the sharpest daily gain in two months. The MoU, which aimed to revive the 2015 nuclear deal and lift sanctions on Iranian oil exports, was reportedly postponed amid renewed tensions. Simultaneously, Iran's Islamic Revolutionary Guard Corps blocked the strait, a chokepoint for over 20% of the world's oil shipments, following a maritime incident. The combined disruptions erased hopes of additional supply hitting markets, which had already priced in a partial return of Iranian barrels. Analysts warned that a prolonged blockade could push prices above $90 a barrel and reignite inflationary pressure globally.