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

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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…

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