Oil Drops 4% to $91.3 as Trump Says Iran Talks Advance Rapidly

5 articles · Updated · Euronews · Jun 2

WTI crude fell about 4% from Monday’s peak to $91.3 a barrel and Brent slid to $97.2 after Donald Trump said U.S.-Iran negotiations were continuing at a “rapid pace.”
The pullback reversed an early-week spike driven by Iran’s suspension of talks and its pledge to fully close the Strait of Hormuz, which had raised fears of a wider Middle East conflict.
European stocks opened higher on hopes for de-escalation, with the Euro Stoxx 50 and Stoxx 600 both up about 0.9% and major regional indexes gaining 0.6% to 1%.
Asia-Pacific markets also mostly advanced, led by South Korea’s Kospi up 2.6% and Hong Kong’s Hang Seng up 2.5%, while U.S. futures were mostly flat before the open.
Trump also said he had spoken with Israel’s prime minister and Hezbollah representatives, linking the market rebound to broader efforts to contain the Lebanon conflict and protect Iran peace talks.

As Israel deepens its Lebanon operations, is the market's optimism on Iran negotiations dangerously premature?

What does Trump’s dialogue with both Israel and Hezbollah signal for future Middle East negotiations?

How are global supply chains adapting to the near-total shutdown of the world's most critical oil chokepoint?