Brent Slides to $93.35 as Trump Signals Lebanon Ceasefire Progress

As of June 2, Brent crude fell 1.7% to $93.35/bbl after President Trump indicated a Lebanon ceasefire deal is within reach, easing near-term geopolitical risk premia. The move follows weeks of fluctuating optimism over a US-Iran framework to reopen the Strait of Hormuz and extend the ceasefire by 60 days. Early momentum peaked May 21-24 with reports of a near-final MoU, collapsed May 25 over mistrust and nuclear sequencing, and revived modestly by June 1 when Trump said a Hormuz reopening deal was expected next week. The impasse over Iran’s ~450 kg near-weapons-grade uranium stockpile continues to cap any sustained price relief.