Oil Climbs Toward $98 as US-Iran Deal Stalls Amid Renewed Attacks

Markets have shifted back to caution as US-Iran nuclear talks show fresh strain and attacks continue into early June. Optimism from a tentative 60-day ceasefire and Hormuz reopening MOU had driven Brent from above $110 down below $90, easing yields to 4.45% and weakening the dollar while equities hit records. However, the latest reports indicate the deal remains unconfirmed, with US sanctions on Iranian vessels persisting and missile activity near the Gulf keeping supply risks elevated. Oil opened higher on June 1 as diplomatic uncertainty returned, reversing part of the prior risk-on relief. Brent settled near $97.5 on June 3, with risk-off flows lifting yields and the dollar.