strikeJun 12, 2026

Oil extends losses as Trump calls off planned strikes on Iran

Summary

Brent futures fell $1.21 or 1.3% to $89.17 a barrel at 0042 GMT, while U.S. West Texas Intermediate (WTI) crude was $1.23, or 1.4%, lower at $86.48. On a weekly basis, Brent was 4.2% lower, while WTI was down 4.4%. Trump, who had threatened to hit Iran "very hard," called off planned strikes on Thursday, saying discussions with Iran had progressed. Iran's semi-official Fars news agency reported that Tehran had not approved the text of any agreement. "While this could, of course, be yet another false dawn, the market's reaction has been both swift and decisive," said IG market analyst Tony Sycamore. On Wednesday, Iran announced the closure of the Strait of Hormuz, saying any vessel attempting to pass through would come under fire. Tehran's months-long blockade of the strait, which normally carries a fifth of global oil and liquefied natural gas shipments, has kept oil prices elevated. The U.S. military said on social media commercial ships continued to transit the waterway. Even as oil prices correct downwards, "as long as the price can hold above support in the low $80s, the risks remain firmly skewed to the upside," IG's Sycamore said. (You can now subscribe to our ETMarkets WhatsApp channel) (What's moving Sensex and Nifty Track latest market news, stock tips, Budget 2025, Share Market on Budget 2025 and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .) Subscribe to ET Prime and read the Economic Times ePaper Online.and Sensex Today. Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price (You can now subscribe to our ETMarkets WhatsApp channel) (What's moving Sensex and Nifty Track latest market news, stock tips, Budget 2025, Share Market on Budget 2025 and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .) Subscribe to ET Prime and read the Economic Times ePaper Online.and Sensex Today. Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price

Actors involved

Iran

Sources

SECTIONS Oil extends losses as Trump calls off planned strikesBy SECTIONS Oil extends losses as Trump calls off planned strikes
Brent futures fell $1.21 or 1.3% to $89.17 a barrel at 0042 GMT, while U.S. West Texas Intermediate (WTI) crude was $1.23, or 1.4%, lower at $86.48. On a weekly basis, Brent was 4.2% lower, while WTI was down 4.4%. Trump, who had threatened to hit Iran "very hard," called off pla…

See this event through different lenses

Compare how Western, Iranian, Israeli, Global South, and Pro-Peace perspectives frame this event.

Compare Perspectives

Community Notes

Loading notes...

Related events

Jul 21, 2026strikeUnverifiedUSIranRussiaChina

How the US-Iran conflict has thrown India’s Chabahar plans into doubt

○ 1 source

US Secretary of War Pete Hegseth posted social media images showing damage to a maritime control tower at Iran’s Chabahar port following reported US military strikes, accompanied by the caption “Iran does not control the Strait of Hormuz.” India’s Ministry of External Affairs stated that the Shahid Beheshti terminal operated by India at the port sustained no damage.

The ministry reiterated its position that civilian infrastructure should not be targeted during conflicts.

Location: Iran

Divya A

Jul 21, 2026strikeUnverifiedUSIranProxy

Another ship hit in Hormuz as Houthis add to regional risks

○ 1 source

A tanker identified as the Kaifan was struck by an unknown projectile northeast of Oman’s Limah in the Strait of Hormuz, according to a July 21 report from UK Maritime Trade Operations. No ships were observed transiting the strait that day. Attribution of the strike and links to prior incidents have not been confirmed by the vessel’s owner.

Location: Strait of Hormuz

The Business Times

Jul 21, 2026strikeUnverifiedUSIsraelIranProxy

Oil prices to hit $120 soon? Goldman Sachs makes big prediction as Hormuz concerns loom

○ 1 source

Goldman Sachs has projected Brent crude averaging $80 per barrel in the fourth quarter and $75 in the following year, conditional on reduced Middle East tensions, while noting upside risks from potential shipping disruptions in the Strait of Hormuz or Red Sea.

Brent prices rose above $91 per barrel amid recent U.S.-Iran exchanges and Houthi threats to Saudi shipments before edging lower on Tuesday. A senior Iranian official told Reuters that mediators had proposed a 10-day ceasefire to preserve an interim agreement.

Location: Tehran

Veer Sharma

Jul 21, 2026strikeUnverifiedUSIranUN

Inside the US strike on a shadow fleet tanker

○ 1 source

US forces struck the tanker Settebello in the Gulf of Oman on June 10, killing three Indian crew members when munitions hit the engine room and adjacent areas. Maritime tracking data indicate the vessel had transported Iranian oil under US sanctions for several years and conducted offshore transfers prior to the strike.

The US military described the action as a precision operation, while reports note the ship was stationary at the time.

Location: Strait of Hormuz

Pranav Baskar; Pragati K B; Eric Schmitt