Oil drilling rigs
Oil prices rose during trading today, June 1,after military exchanges between the United States and Iran, alongside escalating tensions in Lebanon, heightened concerns over potential supply disruptions through key shipping routes. 
The US said it carried out “defensive strikes” over the weekend against Iranian radar and drone-control sites on the islands of Goruk and Qeshm, in response to what it described as “aggressive actions” by Tehran, Reuters reported.
Meanwhile, Iran’s Islamic Revolutionary Guard Corps said its air force targeted an air base that had allegedly been used in a US attack on a communications tower on Sirik Island.
Brent, WTI Futures Prices
Crude
Price ($/bbl)
Change ($)
Change
Brent (August delivery)
93.06
+1.94
2.15%
US WTI (July delivery)
89.66
+2.30
2.65%
These geopolitical concerns overshadowed weak economic data from China, which showed a slowdown in industrial activity, prompting Goldman Sachs to warn that weak oil demand in China and Europe poses a significant downside risk to its Brent crude price forecast of $90 per barrel for the fourth quarter of the year.
Oil drilling rigs
Oil prices rose during trading today, June 1,after military exchanges between the United States and Iran, alongside escalating tensions in Lebanon, heightened concerns over potential supply disruptions through key shipping routes.
The US said it carried out “defensive strikes” over the weekend against Iranian radar and drone-control sites on the islands of Goruk and Qeshm, in response to what it described as “aggressive actions” by Tehran, Reuters reported.
Meanwhile, Iran’s Islamic Revolutionary Guard Corps said its air force targeted an air base that had allegedly been used in a US attack on a communications tower on Sirik Island.
Brent, WTI Futures Prices
Crude
Price ($/bbl)
Change ($)
Change
Brent (August delivery)
93.06
+1.94
2.15%
US WTI (July delivery)
89.66
+2.30
2.65%
These geopolitical concerns overshadowed weak economic data from China, which showed a slowdown in industrial activity, prompting Goldman Sachs to warn that weak oil demand in China and Europe poses a significant downside risk to its Brent crude price forecast of $90 per barrel for the fourth quarter of the year.
