Oil prices rise 2% due to geopolitical tensions, including Russia-Ukraine conflict and U.S. sanctions

From Yahoo Finance: 2025-06-02 20:44:00

Oil prices rose about 2% to a two-week high due to geopolitical tensions between Russia, Ukraine, and the U.S., keeping sanctions on OPEC+ members Russia and Iran in place. Brent crude settled at $65.63 a barrel, while U.S. WTI crude closed at $63.41. Russia described the Ukraine conflict as complex, and Iran rejected a U.S. nuclear deal proposal. Wildfires in Canada affected over 344,000 barrels per day of oil production. Euro zone inflation eased, leading to expectations of ECB policy easing. U.S. job openings increased, but layoffs rose, signaling a softening labor market. Weekly U.S. crude draw expected, with analysts predicting a 1.0 million barrel decrease.



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