Partially reversing three sessions of gains, crude oil prices have plunged on Wednesday as expectations of de-escalation in the Middle East rise following an Israel-Lebanon ceasefire announcement along with rising optimism on a U.S.-Iran deal over the weekend.
WTI Crude Oil for July month delivery was last seen trading down by $3.00 (or 3.12%) at $93.02 per barrel.
In a crucial development yesterday, after the fourth round of negotiations between Israel and Lebanon (mediated by the U.S.) in Washington, the three nations issued a joint statement according to which Israel and Lebanon have agreed to implement a ceasefire.
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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.