Crude oil price benchmarks declined from the flatline on Friday despite persisting tensions in the Middle East and disruptions in the Strait of Hormuz. Brent crude oil futures have edged down on Friday whereas the WTI crude oil price benchmark has slipped way below the flatline. The price movement comes amidst global markets reconciling to the likelihood of a prolonged U.S.-Iran war and continued disruptions to crude oil supplies from the Middle East.
Data released on Wednesday by the U.S. Energy Information Administration had shown a decline of 6.23 million barrels in crude oil inventories during the week ended April 24. Markets were expecting a draw of 0.2 million barrels only as the previous week had witnessed an addition of 1.93 million barrels.
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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.