Oil Prices End The Week Lower On U.S.-Iran Diplomatic Moves

Today’s StocksMoneyMarketsOil Prices End The Week Lower On U.S.-Iran Diplomatic MovesByGaurav Sharma,Senior Contributor.Forbes contributors publish independent expert analyses and insights. Gaurav Sharma is a London-based analyst who covers energy & ESG.Follow AuthorJun 05, 2026, 03:32pm EDT(Photo: David McNew)Getty ImagesOil prices were in retreat on Friday after having risen for three straight sessions earlier in the week, as diplomatic overtures to bridge differences between the U.S. and Iran continue. The global proxy oil futures benchmark Brent was trading at $92.94 per barrel at 10:31am EDT on Friday, down 2.16% or $2.05, as geopolitical turmoil in the Middle East - that began with the Iran War on February 28 - went past the three-month mark. The U.S. West Texas Intermediate front-month oil futures contract was also down, trading 3.2% or $2.98 lower at $90.02 on Friday. That’s after U.S. President Donald Trump issued his red line overnight that American forces would maintain the ceasefire with Iran unless they suffer any fatalities. Previously the President said both sides were close to a deal on May 29, before another round of skirmishes with Iran that saw the U.S. target an oil tanker heading to the country and Tehran’s missile bases. Iran subsequently responding with an attack on sites in Kuwait, including Kuwait City’s international airport and U.S. bases. However, channels of communication remain open between both sides via mediators in Pakistan and Qatar.Oil Prices Up Nearly 40% On Last YearA cooling of oil prices implied crude futures ended trading in London around 1.10% higher on the week. Overall, oil prices are 7.45% lower on the month and broadly flat compared to three months ago, but nearly 40% higher compared to the same point last year. MORE FOR YOUThese elevated price levels are beginning to hurt, especially for consumers in Europe and Asia. In the case of Europe, it’s natural gas and aviation fuel that happen to be the primary areas of conc...