Oil prices rose today, Monday, June 1, 2026, with the escalation of geopolitical tensions in the Middle East and an increase in global energy demand. We review for you the latest prices of Brent and WTI and the changes compared to yesterday.
Who is it for: Consumers and investors in Saudi Arabia
Where is it happening: Global markets (ICE, NYMEX)
How much does it cost: Brent ~93.25 dollars | WTI ~90.05 dollars per barrel
When: Monday, June 1, 2026
⚠️ Important alert: Prices are affected by geopolitical developments — follow the news daily
Oil prices today — Monday, June 1, 2026
Oil prices opened the week’s trading on a notable rise, driven by the escalation of military operations in Lebanon and uncertainty about the peace agreement between the US and Iran.
Brent crude oil price today
The Brent crude benchmark (August 2026 contracts) recorded around 93.25 dollars per barrel, rising 2.34% from Friday’s closing at 91.12 dollars.
West Texas Intermediate (WTI) crude oil price
The WTI crude (July 2026 contracts) rose to around 90.05 dollars per barrel, with an increase of 3.08%.
Price table
| Type | Price | Change | % |
|---|---|---|---|
| Brent (August 2026) | 93.25$ | +2.13$ | ▲ 2.34% |
| WTI (July 2026) | 90.05$ | +2.69$ | ▲ 3.08% |
| Brent spot | 92.90$ | +1.78$ | ▲ 1.95% |
| WTI spot | 89.65$ | +2.55$ | ▲ 2.93% |
Reasons for the increase
- Geopolitical tensions: Escalation of operations in Lebanon
- Washington and Tehran negotiations: Uncertainty about the agreement
- Decline in US stocks
- Summer driving season: Increased demand
- Canadian fires: Threat to oil sands
Impact on Saudi Arabia
The rise in oil prices supports the Saudi budget and revenues. The Kingdom is the largest producer in OPEC. Local fuel prices are fixed twice a year.
Frequently asked questions
Will gasoline prices rise in Saudi Arabia?
Prices are fixed twice a year. Continuous increases may be reflected in the next pricing.
What is the difference between Brent and WTI?
Brent is the global standard from the North Sea, WTI is the American standard.
Where to follow prices?
TradingEconomics and Investing.com.
⚡ Summary: Oil prices are rising with the start of June 2026 amid geopolitical tensions. The Kingdom benefits from this increase.
