Extending two days of gains, crude oil prices have soared on Wednesday as fresh military strikes in the Middle East renew war concerns while U.S. and Iran peace talks are still in limbo, thereby leaving the Strait of Hormuz blocked for oil and energy trade.
WTI Crude Oil for July month delivery was last seen trading up by $2.31 (or 2.46%) at $96.07 per barrel.
As the gulf war entered day number 96 today, expectations on a positive signal on a U.S.-Iran agreement diminished after reports of fresh military strikes in the Middle East.
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Market Analysis
Crude Oil Surges As New Flare-up In Gulf Delays Strait Of Hormuz Reopening
2026-06-03 18:39:05
