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Oil extends losses as Trump calls off planned strikes on Iran

Posted on June 12, 2026
By Business News Today
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1 min read

Oil extends losses as Trump calls off planned strikes on Iran

Oil prices dropped Friday, extending previous losses as U.S. President Trump canceled planned strikes on Iran, easing fears of escalating hostilities. Brent futures fell 1.3% and WTI crude declined 1.4%. Despite Iran's earlier threat to close the Strait of Hormuz, commercial ships continued to transit the waterway.