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Oil prices plummet as Trump claims he is close to US-Iran deal

The Guardian Business Friday 12 June 2026, 11:07 UTC By Jillian Ambrose 1 min read
Key Points

Brent crude falls as optimism rises strait of Hormuz could reopen over the weekendBusiness live – latest updatesGlobal oil prices fell on Friday to lows not seen since the first week of the Iran crisis after Donald Trump claimed he was close to reaching a peace deal with Tehran. The price of Brent crude began to tumble from about $93 a barrel in overnight trade after the US president called off further military strikes against Iran which were scheduled for the evening.

Brent crude falls as optimism rises strait of Hormuz could reopen over the weekend

Global oil prices fell on Friday to lows not seen since the first week of the Iran crisis after Donald Trump claimed he was close to reaching a peace deal with Tehran.

The price of Brent crude began to tumble from about $93 a barrel in overnight trade after the US president called off further military strikes against Iran which were scheduled for the evening.

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Trump (ORG) US (LOCATION) Iran (LOCATION) Brent (PERSON) Hormuz (LOCATION) Donald Trump (PERSON) Tehran (LOCATION) Brent crude (ORG)
Originally published by The Guardian Business Read original →

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