Geopolitical risks and a seventh straight weekly drop in US crude inventories push oil prices to one-week highs.
Brent crude futures climbed $1.56, or 1.6%, to $97.56 per barrel, while US WTI crude rose $1.61, or 1.7%, to $95.37. Both benchmarks reached their highest levels in a week amid escalating Middle East hostilities and stalled US-Iran negotiations.
The gains followed reports of Iranian missile launches and US retaliatory strikes on Iran’s Qeshm Island. US crude inventories fell by 6.8 million barrels in the week ending May 29, marking a seventh consecutive weekly decline, according to industry data.
Diplomatic efforts to ease tensions showed little progress, with Iran reviewing a proposed agreement but no direct communication with the US in days. The stalemate heightens supply concerns as global inventories tighten.