Oil Erases Losses as WTI Reclaims $92 a Barrel

International oil prices erased their intraday losses and turned higher, with markets closely watching US-Iran talks and shifting tensions in the Middle East.

WTI futures recouped earlier declines and traded near $92 a barrel on June 2, according to Walter Bloomberg.

Oil prices had come under pressure earlier on expectations of progress in negotiations between the US and Iran. President Donald Trump said that day that oil prices would "soon fall like a rock."

Still, concerns over supply disruptions resurfaced after senior officials from Iran's Islamic Revolutionary Guard Corps and the government repeatedly asserted control over the Strait of Hormuz and warned that tensions could spread to the Bab el-Mandeb Strait.

Traders are focused on the progress of US-Iran talks and conflict surrounding the Strait of Hormuz as key drivers for global oil prices.