US West Texas Intermediate

Oil prices fell sharply and European stock markets rallied after US President Donald Trump canceled planned strikes on Iran to prioritize negotiations for a Middle East peace deal. Brent crude dropped 5% to $83.50 per barrel, with US West Texas Intermediate falling over $5 to $79.47 a barrel.

Oil prices fell sharply and European stock markets rose after US President Donald Trump cancelled planned Iran strikes to prioritize peace deal negotiations. Brent crude dropped 5% to $83.50 a barrel, while US West Texas Intermediate fell over $5 to $79.47 a barrel.

Oil prices rose about 2 percent on 26 June after a cargo ship was struck by an unidentified projectile near Oman, raising concerns about security in the Strait of Hormuz and the recovery of regional oil exports. Brent crude and US West Texas Intermediate both saw significant gains following a prior decline to their lowest levels since 27 February.

Oil prices fell to their lowest since March as the US and Iran announced a preliminary agreement to reopen the Strait of Hormuz. The deal, set to be signed in Switzerland, aims to restore oil flows through the critical chokepoint and end a naval blockade.