Oil prices extended gains for a third consecutive session on Wednesday amid renewed uncertainty over U.S.-Iran negotiations aimed at ending the war and reopening the Strait of Hormuz, a critical waterway for the energy market globally.
Brent crude futures for August delivery were up 2.2 percent at $98.15 a barrel after the U.S. military said it had thwarted Iranian missile attacks targeting Bahrain, Kuwait, and other locations in the region. WTI crude futures for July delivery surged 2.3 percent to $95.93.
As Hormuz fears spike, U.S. Secretary of State Marco Rubio said that Iran has mined “large segments” of the Strait of Hormuz and peace talks could take several months to conclude.
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Market Analysis
Oil Extends Gains As US-Iran Peace Deal Hopes Fade
2026-06-03 09:22:00
