Saed News: Global markets in the week ending June 5, 2026, witnessed an increase in oil prices, influenced by developments in the Middle East and concerns over disruptions in energy supply.
According to SAEDNEWS, based on data from Investing, Brent Crude and West Texas Intermediate (WTI) both experienced noticeable gains in the period from May 29 to June 5, while global gold (Gold Spot) and silver (Silver Spot) recorded declines.
Brent oil closed on May 29 at $92.05 per barrel and rose to $93.09 by June 5.
According to the data, the highest Brent price during this period was $98.99 and the lowest was $91.44. Overall, Brent crude increased by $1.04, or 1.13%, during the week, indicating an upward market trend.
According to a CNBC report, the oil market began the week on an upward trajectory as traders awaited the outcome of Iran’s review of a U.S. proposal to end the war. More than three months after the start of U.S. and Israeli attacks on Iran, the Strait of Hormuz remains largely restricted. Since the beginning of the conflict, Tehran has halted much of non-Iranian shipping in the Persian Gulf, disrupting about one-fifth of global oil and liquefied natural gas transit.
West Texas Intermediate also rose from $87.36 on May 29 to $90.54 on June 5.
The highest WTI price during this period was $97, while the lowest was $86.35. As a result, U.S. oil rose by $3.18, or 3.64%, outperforming Brent crude.
Reuters had previously reported that oil prices increased as tensions in the Middle East escalated again and negotiations between Tehran and Washington showed little progress. In addition, a warning from the International Energy Agency (IEA) about the possibility of global oil inventories reaching critical levels ahead of peak summer demand further supported bullish expectations.
Simon Peter Masabani, Head of Business Development at XS.com, stated that escalating tensions between the U.S. and Iran have outpaced slow diplomatic progress, contributing to rising oil prices. He also emphasized that continued closure of the Strait of Hormuz exerts sustained upward pressure on the oil market.
However, toward the end of the week, some of the gains were limited as traders gradually became more optimistic about a reduced likelihood of direct escalation between Iran and the United States.
