Global oil prices fell on 12 June after US President Donald Trump announced that planned military strikes on Iran had been cancelled and suggested that negotiations with Tehran were progressing. The easing of fears over a wider conflict in the Middle East reduced concerns about disruptions to global oil supplies.
Brent crude, which had traded above the US$90-per-barrel mark during heightened tensions, fell back below US$90 on Friday. Reports showed Brent trading around US$88-89 per barrel, while WTI crude fell to around US$86 per barrel.
However, the statement that the US “decided to cancel military attacks planned against Iran” reflects President Trump’s announcement.
While markets reacted positively, the broader situation remains fluid and negotiations have not yet been finalised. Iran has also indicated that no final agreement has been reached. (Newswire)
