Oil edges up on U.S.-Iran deal uncertainty, Oman’s Mina al Fahal loading suspension
Oil prices rose on Friday (June 5, 2026), paring sharp losses from the previous session, after Hezbollah rejected a new Lebanon ceasefire proposal and Oman’s Mina al Fahal terminal suspended oil loadings following an explosion.
Brent crude futures rose 33 cents, or 0.35%, to $95.36 a barrel by 0408 GMT after settling down 2.84% in the previous session.
U.S. West Texas Intermediate crude was at $93.06 a barrel, up 2 cents, or 0.02%, following a 3.1% loss on Thursday.
Both contracts are set to post their first weekly gain in three weeks, with WTI up more than 6%, after fighting flared up in the Middle East as U.S.-Iran war peace talks dragged on while traffic in the Strait of Hormuz, where a fifth of the world’s oil passes, remained limited.
Reuters reported on Friday (June 5, 2026) that Oman’s Mina al Fahal terminal has suspended oil loading following an explosion near its single-buoy mooring (SBM) berths due to an alleged drone attack.
Analysts have also flagged concerns of falling oil inventories globally that could cause a price spike in the third quarter. — Reuters
