Crude oil prices have plunged on Friday as the prospects of an end to hostilities in the gulf appear brighter even as the Strait of Hormuz remains closed, continuing to disrupt crude oil supply.
WTI Crude Oil for June month delivery was last seen trading down by $3.28 (or 3.28%) at $101.79 per barrel.
The war between the U.S. and Iran, which began on February 28, (now in an extended ceasefire phase), is now in its third month.
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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.