Oil Prices Rise on Middle East Developments and Supply Concerns

By News Desk on June 3, 2026

Singapore: Oil prices rose by more than 1 percent in early trading today amid concerns over potential disruptions to global energy supplies and ongoing developments in the Middle East.

Brent crude futures increased by $1.05, or 1.09 percent, to reach $97.05 per barrel, while US West Texas Intermediate (WTI) crude futures gained $1.01, or 1.08 percent, to $94.77 per barrel.

Both benchmark contracts closed at their highest levels in a week during the previous trading session.

On the supply side, data released by the American Petroleum Institute (API) showed that US crude oil inventories declined by 6.8 million barrels last week, marking the seventh consecutive weekly drop.

The data also indicated that distillate inventories fell by 214,000 barrels, while gasoline inventories increased by 3.5 million barrels during the same period.

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