Crude oil tumbled on Friday amid swift developments in the Middle East as the first phase of Gaza Peace Plan takes effect, confirming the return of peace in the region where a drawn-out war claimed thousands of lives so far.
WTI Crude Oil for November delivery was last seen trading down by $2.69 (or 4.37%) at $58.82 per barrel.
Recently, U.S. President Donald Trump proposed a 20-point peace plan to end the bitter conflict between Israel and Palestine.
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Market Analysis
June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.