Oil prices rise following stricter U.S. negotiating terms with Iran

On June 1, 2026, global oil prices rose following reports that the United States had hardened its negotiating terms with Iran regarding the conflict in the Middle East. West Texas Intermediate (WTI) climbed between 2.5% and 3%, reaching approximately $89.60 to $90.00 per barrel. Brent crude also saw an increase of 2.2% to 2.7%, trading near $93.16 to $94.00 per barrel. This market activity follows a previous week where prices had dropped by over 11% due to hopes for a peace agreement that would reopen the Strait of Hormuz. According to media reports including the New York Times, President Donald Trump presented Tehran with a new memorandum of understanding containing more stringent requirements. These developments effectively halted the downward trend of the previous week. Global markets reacted immediately to the news when they reopened on Monday. The reopening of the Strait of Hormuz remains a critical factor for global oil supply stability.