Oil prices rose Wednesday to hover near seven-month highs as traders weighed the risk of possible military escalation in the Middle East ahead of nuclear talks between the United States and Iran this week.
Benchmark Brent crude futures rose half a percent to $70.92 a barrel, while WTI crude futures were up half a percent at $65.93.
Both contracts held close to their highest levels since early August ahead of a third round of bilateral talks taking place on Thursday in Geneva, Switzerland.
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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.