Oil prices plummet as Trump claims he is close to US-Iran deal

Brent crude falls as optimism rises strait of Hormuz could reopen over the weekend

• https://www.theguardian.com/business/live/2026/jun/12/spacex-float-us-stock-market-share-elon-musk-trillionaire-largest-ipo-ever-live-news-updates">Business live – latest updates

Global oil prices fell on Friday to lows not seen since the first week of the Iran crisis after Donald Trump claimed he was https://www.theguardian.com/world/2026/jun/11/trump-seize-control-iran-oil-gas-ceasefire">close to reaching a peace deal with Tehran.

The price of Brent crude began to tumble from about $93 a barrel in overnight trade after the US president called off further military strikes against Iran which were scheduled for the evening.