WTI crude futures spiked more than 6% Monday June 1 to trade above $92/bbl (intraday the move exceeded 8%, above $94) after Iranian media reported Tehran had suspended communications with Washington and was preparing to fully close the Strait of Hormuz. Crude pared from session highs after President Trump said Israel and Hezbollah had agreed to halt attacks and that Iran talks were continuing. Oil remains roughly 30% above its pre-war level.