Crude oil prices have plummeted on Friday, extending yesterday's sharp losses after U.S. President Donald Trump claimed that a U.S.-Iran interim peace agreement will be signed over this weekend and affirmed soon after that the Strait of Hormuz will reopen. The message resulted in waning supply disruption concerns.
WTI Crude Oil for July month delivery was last seen trading down by $2.86 (or 3.26%) at $84.85 per barrel.
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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.