Oil prices were sharply lower on Thursday amid easing geopolitical tensions after U.S. President Donald Trump and his Iranian counterpart remotely signed a preliminary agreement to end the 110-day conflict.
Brent crude futures fell 2.4 percent to $77.61 a barrel, extending declines toward the lowest levels since early March as the International Energy Agency warned of a potential supply glut and focus shifted to the prospect for a swift reopening of the Strait of Hormuz. WTI crude futures for July delivery were down 2.7 percent at $74.71.
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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.