Oil prices slumped over 4 percent on Friday after U.S. President Donald Trump called off new military strikes on Iran and said a peace deal could be signed in a few days, helping ease fears of escalation.
According to Iran's Mehr News Agency, a memorandum on resolving the conflict consists of 14 points and includes a set of coordinated provisions.
Brent crude futures for August delivery plunged 4.2 percent to $86.56 a barrel, while WTI crude futures for July delivery were down 4.3 percent at $83.95.
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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.