Oil Steadies Near $95 as Traders Await Signs of Progress in Iran-US Talks

Oil prices stabilized on June 5, 2026, as markets sought clarity on the status of Iran-US peace negotiations and the Israel-Lebanon ceasefire. Brent crude traded around $95 a barrel, after shedding almost 3% on June 4, while West Texas Intermediate hovered near $93. The modest recovery from earlier session lows came after President Donald Trump struck an optimistic tone on negotiations, saying the Strait of Hormuz would reopen “immediately” if Iran halts hostilities. The key waterway, which carried about a fifth of global crude in peacetime, remains a focal point for supply concerns. WTI has fallen roughly 20% since early April, when an earlier ceasefire was agreed, erasing the war premium. However, no concrete progress emerged. Israel’s continued strikes in Lebanon remain a sticking point. Meanwhile, operations at Oman’s Mina Al Fahal export terminal resumed after an explosion disrupted loadings on June 4, traders said. Analysts note further price declines require a meaningful recovery in Hormuz flows.