74
Markets2h 33m ago

US oil prices collapsed below $87 with WTI crude dropping nearly 3% after President Trump canceled planned Iran strikes.

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US, Iran, Washington, Tehran, Strait of Hormuz, Saudi Arabia, UAE, Kuwait, Iraq, China, Oman

Who
President Trump, Iran, Washington, Tehran, OPEC, Abu Dhabi National Oil Company
What
US oil prices collapsed below $87 with WTI crude dropping nearly 3% after President Trump canceled planned Iran strikes.
When
Thu, 11 Jun 2026 18:32:00 GMT · 2h 33m ago
Where
US, Iran, Washington, Tehran, Strait of Hormuz, Saudi Arabia, UAE, Kuwait, Iraq, China, Oman ·
Why
President Trump canceled planned military strikes on Iran, reversing a war-driven rally, while diplomatic back-channel talks between Washington and Tehran signalled possible de-escalation.
The Frontline Impact

How this affects you

The cancellation of US military action against Iran and ongoing diplomatic communication between Washington and Tehran have led to a significant drop in global oil prices, stripping away a geopolitical 'fear premium' from the market. This volatile situation is further complicated by weak Chinese demand and sustained supply concerns due to Iran's Strait of Hormuz closure and record-low OPEC output.

Story chain

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