Extending three consecutive sessions of losses, crude oil prices were in freefall on Tuesday with transit disruption concerns fading due to an imminent U.S.-Iran deal. In addition, reports hinting that U.S. has allowed Iran to sell its oil once the deal is signed brought in excess supply concerns, pushing oil prices further down.
WTI Crude Oil for July month delivery was last seen trading down by $4.90 (or 6.07%) at $75.85 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.