Crude oil prices settled sharply lower on Tuesday, extending losses from the previous session, and falling further from a 7-year high it touched last week.
Oil prices dropped with traders eyeing U.S.-Iran talks. A flurry of diplomacy preceding the resumption of Iran nuclear talks in Vienna suggests there could be a deal on Iran's nuclear program.
Oil exports from the OPEC producer could resume swiftly if a nuclear deal is reached. The deal could allow over 1 million barrels per day of Iranian oil, equal to over 1% of global supply, back onto the market.
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Market Analysis
June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.