Oil prices in Asia reversed course after a sharp rise.

Oil prices fell in Asian trading on the afternoon of June 2nd, following a sharp rise in the previous session, as markets remained cautious about progress in peace talks between the US and Iran.

Oil prices fell in Asian trading on the afternoon of June 2nd, following a sharp rise in the previous session, as markets remained cautious about progress in peace talks between the US and Iran.

Brent crude futures fell 53 cents, or 0.56%, to $94.45 a barrel at 1:49 PM (Vietnam time), while US West Texas Intermediate (WTI) crude futures fell 56 cents, or 0.61%, to $91.60 a barrel.

Both benchmark oil prices rose more than 5% in the previous session, after falling more than 16% in May 2026 due to hopes of a peace deal.

On June 1, US President Donald Trump declared that negotiations with Iran were still ongoing and expressed hope for an agreement to extend the ceasefire and reopen the Strait of Hormuz next week. Meanwhile, the Tasnim news agency had previously reported that Iran had halted indirect talks with the US.

Also on June 1st, Lebanon announced a partial ceasefire agreement between Hezbollah and Israel, a move that would mark a limited de-escalation in the conflict that has sparked a wider war with Iran.

Shipping executives meeting in Athens, Greece, on June 1st affirmed that any peace agreement between the US and Iran would need to establish clear rules allowing ships to resume normal operations through the Strait of Hormuz, through which approximately one-fifth of the world's oil and liquefied natural gas passes.

Meanwhile, US crude oil exports hit a record 5.6 million barrels per day in May 2026, as the Middle East crisis boosted demand for US oil from refineries in Asia and Europe.

According to surveys, US crude oil inventories are expected to have fallen by about 3.6 million barrels in the week ending May 29, continuing the downward trend of the previous week, while inventories of distillate fuels and gasoline are also likely to have decreased.

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(VNA/Vietnam+)

Source: https://www.vietnamplus.vn/gia-dau-tai-chau-a-dao-chieu-sau-dot-tang-manh-post1114072.vnp