Oil prices were modestly lower on Friday and headed for a sharp weekly decline after tanker traffic resumed through the Strait of Hormuz.
Brent crude futures for August delivery were down half a percent at $79.46 a barrel, recouping some initial losses as the abrupt cancellation of U.S.-Iran peace talks added to uncertainty over efforts to secure a lasting truce in the Middle East conflict.
WTI crude futures for July delivery were up 0.6 percent at $77.07 a 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.