Oil drilling rigs
Oil prices rose today, June 2, as markets assessed renewed geopolitical tensions in Europe and after the release of the International Atomic Energy Agency’s (IAEA) report on Iran’s nuclear program. 
Brent crude was trading up 2.35% at $64.27 a barrel, at 08:07 am Makkah time. West Texas Intermediate (WTI) crude jumped 2.8% to $62.50 a barrel.
A confidential report by the IAEA on May 31 stated that Iran increased its stockpile of enriched uranium to levels close to weapons-grade, Associated Press reported.
Meanwhile, Ukraine targeted 41 Russian aircraft in an offensive codenamed “Spider’s Web.” Initial estimates indicate that Russian aviation suffered losses exceeding $2 billion, NBC News reported, citing a source in the Ukrainian Security Service.
Separately, eight OPEC+ member states, which implemented voluntary production cuts, met and decided to increase production by 411,000 barrels per day in July, the third consecutive month of such an increase.
Oil drilling rigs
Oil prices rose today, June 2, as markets assessed renewed geopolitical tensions in Europe and after the release of the International Atomic Energy Agency’s (IAEA) report on Iran’s nuclear program.
Brent crude was trading up 2.35% at $64.27 a barrel, at 08:07 am Makkah time. West Texas Intermediate (WTI) crude jumped 2.8% to $62.50 a barrel.
A confidential report by the IAEA on May 31 stated that Iran increased its stockpile of enriched uranium to levels close to weapons-grade, Associated Press reported.
Meanwhile, Ukraine targeted 41 Russian aircraft in an offensive codenamed “Spider’s Web.” Initial estimates indicate that Russian aviation suffered losses exceeding $2 billion, NBC News reported, citing a source in the Ukrainian Security Service.
Separately, eight OPEC+ member states, which implemented voluntary production cuts, met and decided to increase production by 411,000 barrels per day in July, the third consecutive month of such an increase.
