Oil prices have fallen sharply, and Asian as well as European stock markets responded positively to news of the United States and Iran agreeing to a two-week ceasefire on the Middle East war.
Brent crude price decreased by about 13 percent to $94.30 a barrel and US-traded WTI fell by nearly 16 percent to $94.80 in early morning trade on Wednesday.
On March 19, oil had hit $119 a barrel, the highest since the Middle East war broke out on February 28. Nevertheless, oil prices are still far higher than the pre-war levels of around $70 per barrel.
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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.