Jauhn Etienne Villaruel

Motorists line up to buy fuel at a gas station in Mandaluyong City on March 22, 2022. Oil firms implemented price rollbacks today after price hikes the last 11 weeks. George Calvelo, ABS-CBN News

Article (news)

Agence France-Presse

<div><span class="fr-img-caption fr-fic fr-dib" style="width:960px;display:block" width="960"><span class="fr-img-wrap"><img src="https://od2-image-api.abs-cbn.com/prod/editorImage/178027149931220220322-gas-station-rollback-GC-17.jpg" style="width:960px" class="fr-fic fr-dib" width="960"/><span class="fr-inner" style="text-align:left">Motorists line up to buy fuel at a gas station in Mandaluyong City on March 22, 2022. Oil firms implemented price rollbacks today after price hikes the last 11 weeks<em>. George Calvelo, ABS-CBN News/File</em></span></span></span></div><p>TOKYO, Japan — Oil prices rose as markets reopened Monday following weekend reports that the United States had hardened its negotiating terms with Iran to end the Middle East war.</p><div><a href="https://www.abs-cbn.com/news/world/2026/5/31/iran-says-does-not-trust-us-as-trump-toughens-terms-2239">Iran says does not trust US as Trump toughens terms</a></div><p>US benchmark West Texas Intermediate gained 2.5 percent to $89.60 a barrel.</p><p>Brent North Sea crude, meanwhile, was trading around $93.16 a barrel for August delivery, a rise of about 2.2 percent from Friday&#x27;s close.</p><p>The increase follows a week where crude prices dropped over 11 percent amid hopes that an imminent peace agreement would lead to the reopening of the Strait of Hormuz, through which a significant portion of the global oil supply transits.</p><p>Over the weekend, however, The New York Times and other US media reported US President Donald Trump had sent back a new version of a possible memorandum of understanding to Tehran with several tightened negotiating points.</p><div><br/></div><div><strong>© Agence France-Presse</strong></div><div><br/></div><div><strong>RELATED VIDEO</strong></div><div><strong><span class="fr-video fr-deletable fr-fvc fr-dvb fr-draggable" contenteditable="false" draggable="true"><iframe width="640" height="360" src="https://www.youtube.com/embed/h5XqrDm8Wcg?&amp;wmode=opaque&amp;rel=0" frameBorder="0" allowfullscreen="" class="fr-draggable"></iframe></span></strong><br/></div>

<p>Oil prices rose as markets reopened Monday following weekend reports that the United States had hardened its negotiating terms with Iran to end the Middle East war.</p>

Oil prices rose as markets reopened Monday following weekend reports that the United States had hardened its negotiating terms with Iran to end the Middle East war.

Oil opens up as US toughens terms of Iran war agreement

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Oil opens up as US toughens terms of Iran war agreement

Agence France-Presse

Published June 01, 2026 07:53 AM PHT

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Agence France-Presse

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