As negotiations surrounding the end of the Iran war remain stalled, international oil prices began the week on a rebound.
According to Bloomberg, as of 8:30 a.m. KST, West Texas Intermediate (WTI) crude futures rose by 2.45% ($2.14) to $89.50 per barrel, while Brent crude futures increased by 2.10% ($1.91) to $93.03 per barrel. Oil prices had plummeted nearly 20% in May amid expectations that the U.S.-Iran conflict could soon conclude, but renewed geopolitical uncertainties and stalled negotiations have led to a rebound.
This trend reflects the lack of a definitive agreement regarding the cessation of hostilities between the U.S. and Iran. The New York Times reported that President Donald Trump has intensified the conditions for a potential agreement.
In a Fox News interview the previous day, President Trump stated that he would not rush into a deal with Iran, asserting, "Slowly but surely, I believe we are getting what we want. If we do not get what we want, we will end it another way." Reports also emerged that the U.S. Navy targeted a commercial vessel attempting to evade an Iranian port blockade, according to the Associated Press.
Experts have cautioned that the recent decline in oil prices was overly reliant on optimistic forecasts. Stephen Innes, managing partner at SPI Asset Management, noted in a report, "The market is acting as if the U.S.-Iran war is winding down and that the oil market will soon return to normal. While the war may be approaching its final phase, physical energy systems do not recover as quickly as financial markets."
U.S. stock index futures are also showing slight gains. At the same time, Dow Jones Industrial Average futures rose by 5.90 points (0.01%) to 51,038.60. S&P 500 futures increased by 10.80 points (0.14%) to 7,590.90, while Nasdaq 100 futures climbed by 68.40 points (0.23%) to 30,401.60.
This performance is attributed to strong expectations surrounding artificial intelligence (AI), which have buoyed semiconductor and related stocks, despite ongoing uncertainties in the Middle East.
* This article has been translated by AI.
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