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.
