Crude Oil Price Today: Brent Rises 2% to $93 as Fresh US-Iran Hormuz Tensions Keep Markets on Edge

The crude oil price today on June 1, 2026 is rising sharply as fresh geopolitical developments over the weekend renewed doubts about the progress of US-Iran peace negotiations and the reopening of the Strait of Hormuz. Brent crude rose 2.35% to $93.26 per barrel in the May 31 session and WTI crude climbed 2.67% to approximately $89.69 per barrel on June 1, as both oil benchmarks recovered from recent lows on renewed conflict risk. The crude oil price today remains well below the April 7, 2026 peak of $138 per barrel, but the $93 level reflects a significant and persistent geopolitical risk premium that continues to weigh on oil-importing economies including India.

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Crude Oil Price Today: Key Benchmarks

Commodity	Price	Change	Session
Brent Crude	$93.26 per barrel	+2.35%	May 31, 2026
WTI Crude	$89.69 per barrel	+2.67%	June 1, 2026
Brent April 7, 2026 Peak	$138 per barrel	Highest since 2008	All-time recent high
Brent April 2026 Average	$117 per barrel	+$46 vs February	Highest monthly avg since Jun 2022
EIA Brent Forecast (Q4 2026)	~$89 per barrel	Easing expected	EIA May STEO
EIA Brent Forecast (2027)	~$79 per barrel	Further easing	As Hormuz reopens
MCX Crude Oil (June)	Check Univest Screener	Live INR rate	Real-time

What Is Driving the Crude Oil Price Today

Fresh Strait of Hormuz Incidents

The crude oil price today is rising primarily because of three specific incidents over the weekend that raised fresh doubts about the Strait of Hormuz ceasefire. First, the US military destroyed several attack drones near the Strait of Hormuz. Second, Kuwait reported intercepting a missile fired toward the country. Third, Iran’s Revolutionary Guard stated that several ships had attempted unauthorized entry into the Persian Gulf, warning it would respond strongly to any disruption in the waterway. These incidents collectively signalled that despite diplomatic progress toward a ceasefire, the security situation around the world’s most critical oil shipping chokepoint remains volatile, pushing the crude oil price today higher.

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US-Iran 60-Day MoU Uncertainty

The crude oil price today also reflects uncertainty around the proposed 60-day US-Iran memorandum of understanding. According to Axios reporting, the proposed MoU would guarantee unrestricted shipping through the Strait of Hormuz, with Iran removing all mines from the strait within 30 days. However, the deal still requires approval from President Trump, who has publicly reaffirmed his demand that Iran halt its nuclear program and fully restore the Strait of Hormuz as an open international shipping route. Until the deal is formally signed and implemented, the crude oil price today continues to carry a substantial geopolitical risk premium.

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Background: The US-Iran Conflict and Crude Oil Price Trajectory

The crude oil price today at $93 must be understood in the context of the dramatic price trajectory since the US-Iran conflict began on February 28, 2026. Brent crude was trading below $79 per barrel in February before spiking 13% on the first day of US-Israel strikes on Iran, crossing $85 within days. By April 2, 2026, dated Brent benchmarks had risen to past $140 per barrel, the highest since 2008, as the Strait of Hormuz was effectively closed to shipping traffic. The closure disrupted approximately 20% of global oil supply. Middle East producers including Iraq, Saudi Arabia, Kuwait, the UAE, Qatar, and Bahrain collectively shut in an estimated 10.5 million barrels per day of production in April.

The US ceasefire announced in early April brought Brent back from $138 to the $93-106 range. The EIA’s May 2026 Short-Term Energy Outlook estimated Brent would average $106 in May-June. The current crude oil price today at $93 is below that estimate, suggesting the market has been pricing in more optimism about Hormuz reopening than the EIA’s base case. However, the weekend incidents are now pushing the crude oil price today back toward that $100+ risk-premium zone.

Near-Term Crude Oil Price Outlook

The near-term outlook for the crude oil price today and coming weeks is bifurcated around the Strait of Hormuz ceasefire scenario. In the base case where the 60-day US-Iran MoU is approved and the Strait begins to reopen for commercial shipping from June onwards, the crude oil price today could ease toward $80-89 per barrel by Q4 2026, in line with EIA projections. As Middle East producers gradually restore shut-in production of approximately 10.5 million barrels per day, the global supply surplus would push prices lower over a 3-6 month horizon.

In the adverse scenario where the MoU is rejected, new military incidents escalate, or Iranian mines in the strait are not removed as promised, the crude oil price today could retest the $100-110 range and potentially approach the $138 April high if a full resumption of conflict is priced in. Crude oil implied volatility has averaged 78% since the conflict began, reflecting the extraordinary uncertainty in the crude oil price today environment.

Impact of the Crude Oil Price Today on India

The crude oil price today at $93 remains significantly elevated for India, which imports approximately 85% of its crude oil requirements. Oil marketing companies (Indian Oil, BPCL, HPCL) have already raised domestic fuel prices by over 8% or approximately Rs 8 per litre in the two weeks prior to May 2026. Further elevation in the crude oil price today would require additional retail fuel price hikes, adding to CPI inflation. India’s EV penetration in passenger vehicles has already jumped to 6.9% in May 2026, up from 4.1% in January, as consumers respond to the fuel price shock driven by the crude oil price today environment. The sectors most exposed to the crude oil price today include aviation (IndiGo), paints (Asian Paints), FMCG (HUL), and auto (Maruti, M&M), all of which have seen margin pressure through Q4 FY26 and are at risk of further compression if prices hold above $90.

Conclusion

The crude oil price today at $93 per barrel, up 2% from the previous session, reflects a market caught between genuine hopes for a Hormuz ceasefire resolution and fresh security incidents that raise doubts about the durability of the peace process. The near-term crude oil price today outlook depends critically on whether the proposed 60-day US-Iran MoU is approved and implemented, with success likely driving prices toward the $80-89 range by Q4 2026 and failure risking a return to $100+. For Indian investors, the oil prices today is the single most important macro variable to monitor for its cascading effects on the rupee, inflation, sector margins, and overall market sentiment. This does not constitute investment advice.

Investments in securities are subject to market risk. This content is for educational purposes only and does not constitute investment advice.

Frequently Asked Questions on Crude Oil Price Today

What is the crude oil price today?

Ans. The the crude price on June 1, 2026, shows Brent crude at approximately $93.26 per barrel, up 2.35% from the previous session (May 31 data), while WTI crude rose 2.67% to around $89.69 per barrel. The oil price today rise is driven by renewed geopolitical concerns in West Asia, including US military action near the Strait of Hormuz and a missile interception by Kuwait, which raised fresh doubts about the progress of US-Iran peace negotiations. On MCX, crude oil futures prices reflect the INR-adjusted equivalent. Investors should check the Univest Screener for live MCX crude prices.

What is driving the crude oil price rise today?

Ans. The Brent crude today is rising because of three concurrent developments. First, the US military destroyed several attack drones near the Strait of Hormuz over the weekend. Second, Kuwait reported intercepting a missile fired toward the country. Third, Iran’s Revolutionary Guard warned it would respond strongly to what it called unauthorized attempts to enter the Persian Gulf. These events raised doubts about whether the proposed 60-day US-Iran ceasefire MoU would be approved by President Trump, who also reaffirmed his demand that Iran halt its nuclear program and fully restore the Strait of Hormuz as an open international shipping route.

What is the near-term outlook for crude oil prices?

Ans. The near-term outlook for the oil market today depends heavily on Strait of Hormuz diplomacy. According to Axios, a proposed 60-day MoU between the US and Iran would guarantee unrestricted Hormuz shipping, with Iran removing mines within 30 days, but this requires Trump’s approval and remains uncertain. The EIA’s May 2026 Short-Term Energy Outlook projects Brent averaging approximately $106 per barrel in June, before falling to $89 in Q4 2026 as Middle East oil production recovers. The current $93 level represents a partial easing from the April 7 peak of $138, as ceasefire hopes have allowed some recovery in shipping sentiment.

What happened to crude oil prices during the US-Iran conflict?

Ans. Crude oil prices surged dramatically during the US-Iran conflict that began with military action on February 28, 2026. Brent crude averaged $117 per barrel in April 2026, the highest monthly average since June 2022. The price peaked at $138 per barrel on April 7, the highest since 2008, as the Strait of Hormuz was effectively closed to shipping traffic. The closure disrupted nearly 20% of global oil supply. Middle East producers including Iraq, Saudi Arabia, Kuwait, the UAE, Qatar, and Bahrain collectively shut in approximately 10.5 million barrels per day of production in April.

How does the crude oil price today affect India?

Ans. The oil benchmark today at $93 per barrel remains significantly elevated for India, which imports approximately 85% of its crude oil requirements. Higher crude prices directly increase India’s import bill, widen the trade deficit, weaken the rupee, raise inflation through higher fuel prices and packaging costs, and compress corporate margins across auto, aviation, paints, and FMCG sectors. The RBI’s inflation management and India’s fiscal deficit management are both challenged when crude remains above $90. The recent fuel price hikes of over 8% by oil marketing companies in the two weeks prior to May 2026 directly reflect the oil prices today environment.

What is the impact of the Strait of Hormuz situation on crude oil?

Ans. The Strait of Hormuz is the world’s most critical oil shipping chokepoint, through which nearly 20% of global oil supply and significant volumes of LNG historically flowed. The effective closure of the strait since late February 2026 due to the US-Iran conflict has been the primary driver of the the crude price elevation. Even as ceasefire negotiations progress, residual risk premiums remain embedded in crude prices as long as the strait’s reopening is not confirmed and secured. The EIA assumes Hormuz shipping traffic began picking up in June 2026 but that some Middle East producers will not return to pre-conflict production levels during the forecast period.

Which Indian stocks are most affected by the crude oil price today?

Ans. Indian stocks most directly affected by the Brent crude today include: oil marketing companies (Indian Oil, BPCL, HPCL) whose marketing margins are squeezed by high crude when retail fuel prices are not fully passed on; aviation (IndiGo, Air India) where aviation turbine fuel is the single largest cost; paint companies (Asian Paints, Berger) where crude-linked raw materials inflate input costs; and FMCG companies (HUL, Dabur) where packaging costs surge. Upstream oil producers (ONGC, Oil India) benefit from higher realisations but face production volume challenges. For MCX crude oil futures traders, the oil market today on MCX directly determines P&L.

What would a US-Iran peace deal mean for crude oil prices?

Ans. A confirmed and durable US-Iran peace deal that reopens the Strait of Hormuz would be the single largest downside catalyst for the oil benchmark today. If Hormuz reopened and Middle East producers restored shut-in production of approximately 10.5 million barrels per day, the resulting global supply surge would likely push Brent crude back toward $70-79 per barrel within 6-12 months, as projected by EIA for 2027. This would be a significant positive for India’s macro (lower inflation, stronger rupee, lower import bill) and for sectors like aviation, paints, FMCG, and autos, while being negative for oil producers and MCX crude oil futures longs.