Oil prices rise amid escalating tensions in the U.S.-Iran conflict, while U.S. stocks retreat from record highs, reflecting mixed economic signals.

By Jaspreet Kalra MUMBAI, June 3 (Reuters) - The Indian rupee weakened on Wednesday, weighed by a jump in oil prices on renewed hostilities in the Middle East and weakness in local stocks while likely market intervention by the central bank capped losses.

Oil prices jump to a one-week high as the US and Iran provide conflicting updates on their peace talks. The Australian share market starts its day slightly higher after a surge in AI stocks pushed Wall Street to fresh record highs.

Oil prices jump as US and Iran exchange fresh strikes and ceasefire talks remain in balance - Brent crude, the international benchmark, rose 2.4 per cent to $93.33 a barrel in early trading

By Nicole Jao June 3 (Reuters) - Oil prices climbed more than 1% in early trade on Wednesday as hostilities in the Middle East erupted anew with Iran firing missiles at Kuwait and Bahrain, while diplomatic talks between Iran and the United States showed little progress.

The Israel-Lebanon conflict has been viewed as the broadest and biggest spillover impact of the Iran war along with the uncertainty of the oil and energy landscape. US President D