Oil Climbs Toward $100 as U.S.-Iran Clashes Intensify

On June 4, WTI crude reached $96.20 and Brent futures approached $98 as renewed U.S.-Iran hostilities drove fresh gains. Prices had spiked nearly 6% on June 1 after Iran halted ceasefire talks, eased modestly on June 2 amid diplomatic signals, then resumed climbing with a 2.5% WTI advance on June 3. The sustained rally lifted energy costs, pushed Treasury yields higher and finally ended the S&P 500’s nine-day winning streak, leaving traders focused on geopolitical updates and Friday’s jobs data.