Crude oil prices have edged higher on Monday as the delay in reopening of the Strait of Hormuz persists despite assurance by the U.S. President Donald Trump as reports emerge on Iran taking a hardline stance.
WTI Crude Oil for July month delivery was last seen trading up by $0.52 (or 0.57%) at $91.06 per barrel.
Over the past few weeks, U.S. and Iranian negotiators exchanged draft agreements for a Memorandum of Understanding which included immediate reopening of the Strait of Hormuz.
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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.