US-Iran war, June 3 -- Oil prices gained on Wednesday, 3 June, amid growing doubts over the likelihood of a peace agreement between the US and Iran, while renewed hostilities in the Middle East further heightened supply concerns.

Brent crude futures climbed toward $97 per barrel, while West Texas Intermediate (WTI) hovered near $95, after gaining more than 7% during the first two trading days of the week.

Back home, crude oil prices on the Multi Commodity Exchange (MCX) also witnessed a similar upward movement, tracking global prices. MCX crude oil price rose as much as 1% to Rs.9,039 per barrel.

Israel has continued its strikes on Lebanon, casting uncertainty over delicate and prolonged diplomatic efforts between Washington and Tehran...