Oil Slides to Weekly Loss as Trump Says Iran Deal Near

Oil prices extended their slide on June 12, with Brent August futures falling 1.5% to $89.05 and WTI dropping 1.6% to $86.34, heading for a weekly loss after President Trump canceled planned strikes and signaled a diplomatic deal was close. The move reversed sharp gains seen earlier in the period, when Israel-Iran missile exchanges drove Brent above $97.64 and WTI to $94.59 on June 8 amid fears of Strait of Hormuz disruptions. A fragile pause in hostilities and US-Iran talks have since reduced the geopolitical risk premium, outweighing supportive inventory draws and leaving prices sensitive to any breakdown in negotiations.