WTI Surges to $94.76 as Hormuz Clashes Resume and Iran Talks Stall

Oil prices rebounded sharply after WTI hit a one-month low of $86.50 on June 1 amid hopes of a U.S.-Iran truce extension. Fresh hostilities near the Strait of Hormuz, including U.S. strikes and Iranian missile launches, combined with stalled ceasefire negotiations, revived supply fears and drove Brent to $97.01 and WTI to $94.76 by June 3. The waterway has remained effectively closed since early March, slashing tanker traffic from ~60 ships daily to 1-2 and removing 20% of global flows, with roughly 1 billion barrels lost so far. Analysts warn inventories and infrastructure damage will sustain tightness into 2027 even if partial reopening occurs.