CrudeMonday, 1 June 2026·India
Oil gains over 3% as uncertainty over US-Iran agreement supports prices
Global oil prices moved higher on Monday, with Brent crude rising above $94 per barrel and WTI crude crossing the $90 per barrel mark after fresh developments in US-Iran negotiations created uncertainty over the timeline for restoring normal energy flows through the Strait of Hormuz.
Market sentiment strengthened after reports indicated that US President Donald Trump requested revisions to a proposed agreement with Iran, signaling that negotiations may take longer than previously expected and delaying hopes for a quick resolution.
During early Monday trading, Brent crude was quoted at $94.23 per barrel, while WTI crude reached $90.87 per barrel as traders reacted to the latest diplomatic developments.
According to reports, the proposed agreement was returned for further changes, with requests for stronger commitments regarding Iran’s nuclear activities and clearer provisions related to the reopening of the Strait of Hormuz. The move suggests that discussions remain ongoing and that a final agreement is not yet imminent.
The draft framework reportedly includes a 60-day ceasefire period, measures aimed at restoring shipping activity through the Strait of Hormuz, and a roadmap for future nuclear negotiations. However, several key issues remain unresolved, including sanctions relief, the handling of Iran’s enriched uranium stockpile, and guarantees sought by Tehran before accepting a final deal.
The Strait of Hormuz remains one of the most strategically important energy routes in the world, carrying roughly 20% of global oil trade along with a significant volume of LNG exports from Gulf producers. Any delay in fully restoring unrestricted vessel movement through the waterway continues to support a geopolitical risk premium in oil prices.
Over the weekend, President Trump expressed optimism about the possibility of reaching an agreement, stating that Iran remained interested in negotiations while emphasizing that preventing the country from obtaining nuclear weapons remains a key objective. He also reiterated that alternative options remain available if diplomatic efforts fail.
Meanwhile, Iranian officials signaled a more cautious stance. Iran’s Foreign Ministry stated that discussions on technical aspects of the nuclear program were not currently underway and emphasized that ending the conflict remains Tehran’s immediate priority.
Despite differing public statements from both sides, reports suggest that negotiations continue behind the scenes, with both Washington and Tehran exchanging revisions to the proposed agreement. As a result, energy markets remain highly sensitive to further developments surrounding the talks and the future of shipping through the Strait of Hormuz.
Stay ahead of market trends with the Credco app. For any queries, please reach out via WhatsApp at +91 8448083211.
Market sentiment strengthened after reports indicated that US President Donald Trump requested revisions to a proposed agreement with Iran, signaling that negotiations may take longer than previously expected and delaying hopes for a quick resolution.
During early Monday trading, Brent crude was quoted at $94.23 per barrel, while WTI crude reached $90.87 per barrel as traders reacted to the latest diplomatic developments.
According to reports, the proposed agreement was returned for further changes, with requests for stronger commitments regarding Iran’s nuclear activities and clearer provisions related to the reopening of the Strait of Hormuz. The move suggests that discussions remain ongoing and that a final agreement is not yet imminent.
The draft framework reportedly includes a 60-day ceasefire period, measures aimed at restoring shipping activity through the Strait of Hormuz, and a roadmap for future nuclear negotiations. However, several key issues remain unresolved, including sanctions relief, the handling of Iran’s enriched uranium stockpile, and guarantees sought by Tehran before accepting a final deal.
The Strait of Hormuz remains one of the most strategically important energy routes in the world, carrying roughly 20% of global oil trade along with a significant volume of LNG exports from Gulf producers. Any delay in fully restoring unrestricted vessel movement through the waterway continues to support a geopolitical risk premium in oil prices.
Over the weekend, President Trump expressed optimism about the possibility of reaching an agreement, stating that Iran remained interested in negotiations while emphasizing that preventing the country from obtaining nuclear weapons remains a key objective. He also reiterated that alternative options remain available if diplomatic efforts fail.
Meanwhile, Iranian officials signaled a more cautious stance. Iran’s Foreign Ministry stated that discussions on technical aspects of the nuclear program were not currently underway and emphasized that ending the conflict remains Tehran’s immediate priority.
Despite differing public statements from both sides, reports suggest that negotiations continue behind the scenes, with both Washington and Tehran exchanging revisions to the proposed agreement. As a result, energy markets remain highly sensitive to further developments surrounding the talks and the future of shipping through the Strait of Hormuz.
Stay ahead of market trends with the Credco app. For any queries, please reach out via WhatsApp at +91 8448083211.