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

Global oil prices dropped on June 12, 2026, to their lowest point since the beginning of the Iran crisis, following claims by U.S. President Donald Trump that he was nearing a peace deal with Tehran. The price of Brent crude experienced a significant decline from approximately $93 a barrel during overnight trading after Trump announced the cancellation of further military strikes against Iran that had been scheduled for that evening. This development fueled optimism that the Strait of Hormuz, a critical chokepoint for global oil transport, could reopen over the weekend. The potential de-escalation of tensions between the United States and Iran is seen as a key factor in the market's reaction, as it could alleviate concerns about supply disruptions in the Persian Gulf region. Analysts are closely monitoring diplomatic efforts and any further statements from both the U.S. and Iranian governments to gauge the stability of the situation and its impact on future oil price trends. The market's sensitivity to geopolitical developments in the Middle East underscores the interconnectedness of international relations and energy markets.