Brent crude edges higher amid US-Iran negotiations. June Brent oil futures rose 0.58 percent to $95.34 per barrel Wednesday morning, while WTI crude inched up 0.02 percent to $91.30. President Trump indicated a second round of direct talks with Iran could occur within days, with a US delegation potentially visiting Islamabad. Meanwhile, a US destroyer intercepted two Iranian oil tankers attempting to leave Chabahar port, forcing them to turn around as the American blockade takes effect. The International Energy Agency warned that oil demand could contract by 80,000 barrels daily this year, marking the sharpest decline since the Covid-19 pandemic. Global oil supply has already plummeted to 97 million barrels per day in March, down 10.1 million barrels. Geopolitical tensions and supply disruptions continue shaping crude market dynamics as negotiations progress.
