Ice Brent futures rose in early Asian trading as the market closely monitored any new developments in US-Iran deal negotiations.
The Ice front-month August Brent contract was at $95.43/bl at 04:00 GMT, higher by 40¢/bl from its settlement on 4 June when it ended $2.78/bl lower.
The Nymex front-month July crude contract was at $93.18/bl, up by 14¢/bl from its settlement on 4 June when it ended $2.98/bl lower.
The US House of Representatives has passed a resolution directing US president Donald Trump to end hostilities with Iran — a symbolic measure that reflects lawmakers' frustration over being left in the dark about the decision to start the war and over elevated energy and fertilizer prices in an election year.
On supply, Russia expects its crude production to align with Opec+ target levels later this year, deputy prime minister Alexander Novak said on 4 June according to state-owned news agency Tass.
Novak acknowledged that crude output in Russia is now lower than at the beginning of 2026, but said production will increase to previously recorded levels. Moscow's most recent submission of output to the Opec secretariat, of 9.057mn b/d for April, was 580,000 b/d below its required production under the Opec+ agreement for the month. The country's target for June is 9.752mn b/d.
Meanwhile, India wants a long-term crude supply agreement with Venezuela to diversify its energy security, government officials told reporters on 4 June as the South American nation's interim president Delcy Rodriguez met Indian prime minister Narendra Modi.
Malaysian refiner PRefChem has restarted the crude distillation unit (CDU) at its 300,000 b/d Pengerang refinery, after it was taken off line in March, according to a source close to operations.
Ice Brent futures rose in early Asian trading as the market closely monitored any new developments in US-Iran deal negotiations.
The Ice front-month August Brent contract was at $95.43/bl at 04:00 GMT, higher by 40¢/bl from its settlement on 4 June when it ended $2.78/bl lower.
The Nymex front-month July crude contract was at $93.18/bl, up by 14¢/bl from its settlement on 4 June when it ended $2.98/bl lower.
The US House of Representatives has passed a resolution directing US president Donald Trump to end hostilities with Iran — a symbolic measure that reflects lawmakers' frustration over being left in the dark about the decision to start the war and over elevated energy and fertilizer prices in an election year.
On supply, Russia expects its crude production to align with Opec+ target levels later this year, deputy prime minister Alexander Novak said on 4 June according to state-owned news agency Tass.
Novak acknowledged that crude output in Russia is now lower than at the beginning of 2026, but said production will increase to previously recorded levels. Moscow's most recent submission of output to the Opec secretariat, of 9.057mn b/d for April, was 580,000 b/d below its required production under the Opec+ agreement for the month. The country's target for June is 9.752mn b/d.
Meanwhile, India wants a long-term crude supply agreement with Venezuela to diversify its energy security, government officials told reporters on 4 June as the South American nation's interim president Delcy Rodriguez met Indian prime minister Narendra Modi.
Malaysian refiner PRefChem has restarted the crude distillation unit (CDU) at its 300,000 b/d Pengerang refinery, after it was taken off line in March, according to a source close to operations.
By Rhalain Reyes