Oil falls below $ 90 as Trump signals progress in Iran talks

Saturday, 13 June 2026 06:59 - - {{hitsCtrl.values.hits}}

Global oil prices declined yesterday after US President Donald Trump announced that planned military strikes against Iran had been cancelled and indicated that negotiations with Tehran were making progress, easing concerns over a potential escalation of tensions in the Middle East.

The development reduced fears of disruptions to global oil supplies, prompting a pullback in crude prices after recent gains driven by geopolitical uncertainty.

Brent crude, which had traded above the $90-per-barrel mark during heightened tensions, fell back below that level on Friday. Market reports showed Brent trading in the range of $88-$89 per barrel, while West Texas Intermediate (WTI) crude declined to around $86 per barrel.

Investor sentiment improved following remarks by Trump that the US had decided to cancel military attacks that had reportedly been planned against Iran, signalling a preference for diplomacy over military action.

The easing of tensions comes after oil markets had priced in the risk of a wider regional conflict that could threaten energy infrastructure and shipping routes in the Middle East, a key global oil-producing region.

Despite the market’s positive reaction, uncertainty remains over the trajectory of negotiations between Washington and Tehran. While both sides have indicated continued engagement, no final agreement has yet been reached.

Iranian officials have also stated that negotiations remain ongoing, suggesting that key issues are still under discussion.

Analysts noted that while the reduction in immediate geopolitical risks has weighed on crude prices, markets are likely to remain sensitive to developments in the talks, given their potential implications for global oil supply and energy security.