Partially reversing three sessions of gains, crude oil prices have plunged on Wednesday as expectations of de-escalation in the Middle East rise following an Israel-Lebanon ceasefire announcement along with rising optimism on a U.S.-Iran deal over the weekend.
WTI Crude Oil for July month delivery was last seen trading down by $3.00 (or 3.12%) at $93.02 per barrel.
In a crucial development yesterday, after the fourth round of negotiations between Israel and Lebanon (mediated by the U.S.) in Washington, the three nations issued a joint statement according to which Israel and Lebanon have agreed to implement a ceasefire.
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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.