Why did oil prices fall on Friday according to the news?

Oil prices fell on Friday because U.S. President Donald Trump canceled planned military strikes on Iran, reducing fears of an escalation in hostilities following tit-for-tat attacks earlier in the week.

What was the immediate market impact of Trump’s decision to call off strikes against Iran?

The market reacted swiftly and decisively with Brent futures falling $1.21 (1.3%) to $89.17 a barrel and U.S. West Texas Intermediate (WTI) crude dropping $1.23 (1.4%) to $86.48 a barrel by 0042 GMT, extending losses from the previous session and resulting in weekly declines of 4.2% for Brent and 4.4% for WTI.

Oil Extends Losses as Trump Calls Off Planned Strikes on Iran

Jun 11, 2026

Oil prices fell after President Trump canceled planned strikes on Iran, easing geopolitical fears. Brent and WTI crude futures dropped over 1%, though analysts warn upside risks remain if prices hold above $80 support.

reuters

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