Oil Slides Sharply on U.S.-Iran Deal Hopes as SpaceX IPO Debuts

Oil prices fell sharply on June 12 as hopes for a U.S.-Iran de-escalation deal reduced geopolitical supply risks in the Gulf. WTI crude dropped as much as 3.8% to $84.35 while Brent fell 3.5% to $87.33, both reaching multi-month lows. Equities advanced modestly with the MSCI world index up 0.81% and the Dow rising 0.45%, though the S&P 500 was nearly flat. Market attention centered on the SpaceX IPO priced at $135 amid mixed risk appetite. Key risks remain around the Strait of Hormuz potentially reopening within 30 days and the outcome of 60 days of nuclear talks.