Newsquawk Logo

[MARKET ANALYSIS] Crude benchmarks gain amidst a US and Iran flare-up and after Kuwait reports drone attacks

Newsquawk StaffPublished On the live feed at — 1 more headline followed before this page went public
Newsquawk headlinesUTC

India and the US will hold trade talks between 2-4th June

A US source says Lebanon can protect Beirut and its suburbs if it takes serious action to arrest Hezbollah leaders, Al Hadath reports

[MARKET ANALYSIS] Crude benchmarks gain amidst a US and Iran flare-up and after Kuwait reports drone attacks

[MARKET ANALYSIS] Renewed energy upside weighs on fixed, ISM Manufacturing ahead

[MARKET ANALYSIS] GBP outperforms on Chancellor speculation, USD and NOK firm in tandem with oil prices, NZD lacks demand on New Zealand holiday

Open the platform and use it. The whole workspace is free to try, with no signup and no card. When you want the headlines arriving live instead of on a delay, Newsquawk Pro is £24.99 for 7 days.

Try the platform free
Free. No signup, no card.
  • The geopolitical environment is clouded by uncertainty, with a recent flare-up between the US and Iran once again leading to firmer trade in crude benchmarks. In brief, the US Central Command said that military forces conducted strikes against Iranian radar at command and control sites located in Goruk and Qeshm Island – this was then met with IRGC retaliation. Outside of Iran, Kuwait said air defences were intercepting hostile missile and drone attacks.
  • As for the journey to negotiations, the US and Iran are both reportedly altering the draft MoU. President Trump reportedly sent “tougher terms” regarding the framework, NYT reported. In response, Tasnim suggested that Iran may propose its own changes.
  • As for the European day, there have been a few appearances from Iranian officials; Deputy FM for Legal Affairs Gharibabadi noted that Iran’s goal is to accompany ships through the Strait, and “these arrangements are not temporary and Iran will not back down”. Elsewhere, Iran's FM Baghaei said, "no negotiations have taken place on the details of the nuclear issue at this stage". Comments which helped the upward bias in oil benchmarks.
  • WTI and Brent are stronger this morning by c. 4.1% and 3.1% respectively. Prices gapped up at the open, and gradually moved higher as the session progressed; as it stands, the complex resides towards highs. WTI trades within a USD 88.45-91.26/bbl range, whilst Brent holds at the upper end of a USD 90.05-92.11/bbl range.
  • Spot gold is lower by around a per cent and currently resides within a USD 4,490-4,546/oz range, and towards the bottom end of Friday’s range. Ultimately, action is dictated by the inflationary implications of heightened geopolitical risk. Elsewhere, base metals are broadly firmer, following on from a positive APAC session overnight. 3M LME copper posts gains of c. 1.4% and currently trades towards the day’s peaks, within a USD 13,635.4-13,814/t range.

Related headlines

The whole workspace, free to try.

Try it free
Newsquawk Logo

© 2026 Newsquawk. All rights reserved.