Oil prices sank more than 3 percent Friday after President Donald Trump signaled a breakthrough in efforts to end the war with Iran.
Wall Street rebounded alongside the crude decline as investors bet that a ceasefire could reduce supply disruptions in the Persian Gulf. Major equity indices posted gains in early trading.
The price drop reflected optimism that hostilities might ease, though Iranian Foreign Minister Abbas Araghchi said no deal had been finalized.
Analysts cautioned that oil markets remained volatile and that any reversal in diplomacy could quickly push prices higher again.
Diplomatic sources on June 12, 2026 said reopening the Strait of Hormuz and lifting shipping restrictions remained central to any ceasefire arrangement.
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Sources:
https://www.cbsnews.com/live-updates/iran-war-us-trump-peace-deal-agreement/