Oil prices fell due to Trump’s change in rhetoric regarding Iran
World oil prices decreased after U.S. President Donald Trump announced the cancellation of previously planned military strikes against Iran. This occurred amid rumors of a possible deal being reached between the countries.
On Friday, June 12, August futures for Brent crude oil on the London ICE Futures exchange dropped to $86.35 per barrel. This is $4.03 or 4.46% lower than the previous closing rate. Meanwhile, July futures for WTI oil on the New York Mercantile Exchange (NYMEX) fell by $4.02 or 4.58%, making it $83.69 per barrel.
On the previous day, June 11, Donald Trump initially threatened to “hit very hard” against Iran but later announced the cancellation of attacks, citing progress in negotiations with Tehran. Media reports about a possible agreement between the USA and Iran also impacted the markets.
Economic experts note that the oil market is sensitive to geopolitical instability, and any changes in the US-Iran relations scenario could significantly affect price dynamics. The de-escalation of tensions between the countries is likely to promote market stabilization, but the further development of events will remain under close scrutiny by investors.
| Commodity | Current Price | Price Change |
|---|---|---|
| Brent | $86.35 | -4.46% |
| WTI | $83.69 | -4.58% |
