Oil Prices Fall as Trump Claims Iran Talks Continue but Tehran Reports Suspension

S. 31 a barrel. Both benchmarks had risen more than 5% in the previous session after posting a monthly loss of more than 16% in May 2026.

European natural-gas prices also declined after President Trump said talks with Iran were continuing. Losses remained limited amid uncertainty over whether the talks would produce an agreement. President Trump said on June 1, 2026 that talks with Iran were ongoing.

In a CNBC interview the same day he stated he did not mind if the talks were over, then issued a social media post saying the discussions were continuing. He separately told ABC News he expected a deal to extend the ceasefire and reopen the Strait of Hormuz over the next week. Tasnim news agency reported that Tehran had suspended indirect negotiations with Washington.

Lebanon announced a partial ceasefire between Hezbollah and Israel on June 1, 2026. Iran has effectively halted nearly all non-Iranian shipping into and out of the Gulf since the war began, choking off about a fifth of global oil and liquefied natural gas flows and driving prices up by 50% or more. 6 million barrels per day in May 2026.

S. 6 million barrels in the week ended May 29, 2026. Distillates and gasoline inventories are also likely to have declined in that week.

U.S. and Iran would need to offer clear rules allowing vessels to resume normal business via the Strait of Hormuz. @WSJ reported the price movements and statements from President Trump.