Oil prices were sharply lower on Tuesday as a halt in hostilities between Israel and Iran boosted hopes that peace negotiations could move forward.
Brent crude futures fell more than 2 percent to $92.33 a barrel, after having hit as high as $98 a barrel in the overnight U.S. trading session. WTI crude futures were down 2.5 percent at $89.04.
Geopolitical tensions eased somewhat as Israel and Iran agreed to halt attacks against each other following a series of mutual attacks from Sunday night, which marked the most serious escalation since the ceasefire in April.
For comments and feedback contact: editorial@rttnews.com
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.