Oil tops $94 on Trump's no urgency signal on Iran talks

June 02, 2026 (MLN):  Oil prices surged  after US President Donald Trump said he was indifferent to whether negotiations with Iran collapse, raising fears that a deal to reopen the Strait of Hormuz, a critical artery for global crude shipments may be out of reach.

Currently, Brent crude futures are up by $0.61, or 0.65%, to $94.23 per barrel, according to data by Mettis Global.

West Texas Intermediate (WTI) crude futures are up by 1.26%, to $91.31 per barrel by [9:43 am] PST.

The rally was triggered after Tehran would halt talks with Washington in retaliation for Israeli strikes in Lebanon, and threatened to fully close the Strait of Hormuz.

President Trump dismissed concerns about the breakdown. "I really don't care. I couldn't care less," he said when asked whether negotiations were over. "I think they took too much time. Frankly, I thought they started to get very boring.", CNBC  reported.

The flare-up in tensions follows fresh US and Iranian strikes over the weekend and an Israeli push deeper into Lebanon, stoking fears that a fragile ceasefire between Washington and Tehran could unravel.

Tehran also threatened to block the Bab el-Mandeb Strait  the trade chokepoint linking the Red Sea to the Gulf of Aden should hostilities escalate further.

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