RismadarVoice Reporters, June 12, 2026
Global oil prices retreated on Thursday after United States President Donald Trump indicated that efforts to secure a peace agreement with Iran were making significant headway, easing fears of a broader conflict in the Middle East.
The announcement followed several days of escalating tensions between Washington and Tehran, which had sparked concerns about potential disruptions to global energy markets and regional stability.
In reaction to the development, international benchmark Brent crude fell by more than three per cent, slipping below the $90-per-barrel mark. Meanwhile, West Texas Intermediate (WTI) crude also posted notable declines.
Energy market observers linked the drop in prices to increasing confidence that diplomatic engagement could help avert further military confrontation and safeguard oil flows through the Strait of Hormuz, a critical shipping route for global crude exports.
Earlier, market sentiment had been weighed down by reports of continued hostilities involving US and Iranian forces, alongside warnings from President Trump about the possibility of additional military measures.
However, Trump later revealed that planned military operations had been put on hold as negotiations advanced. According to the US president, discussions had reached senior levels within Iran’s leadership, with participating nations reportedly making progress on key aspects of a potential agreement.
While expressing optimism about the talks, Trump stated that existing naval measures would remain in effect until a formal deal is finalised.
The prospect of reduced tensions offered reassurance to investors, who have been closely watching developments in the Gulf region amid concerns that an extended conflict could disrupt oil supplies and fuel further volatility in global energy markets.
