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Oil prices fall on hopes of U.S.-Iran deal despite Tehran pushback

CNBC · Jun 12, 2026, 12:53 AM · Also reported by 4 other sources

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  • President Donald Trump said Washington had reached a framework agreement with Iran, raising hopes the Middle East conflict could be nearing its end.
  • U.S. crude oil futures for July delivery fell 1.65% to $86.26 per barrel, while August futures for international benchmark Brent lost 1.55% to $88.98 per barrel in early Asia trading.

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Oil prices fell Friday after U.S. President Donald Trump said Washington had reached a framework agreement with Iran, raising hopes the Middle East conflict could be nearing its end.

U.S. crude oil futures for July delivery fell 1.65% to $86.26 per barrel, while August futures for international benchmark Brent lost 1.55% to $88.98 per barrel in early Asia trading.

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