Oil falls on optimism over US-Iran peace deal; Brent crude at below $90/bbl in Oil & Companies News 15/06/2026 Oil prices were extending losses on Friday morning, with Brent crude trading below $90/barrel, after US President Donald Trump canceled ‌plans to strike Iran and said a peace deal with Tehran could be signed as soon as the weekend. Trump posted on social media early on 12 June that discussions with Tehran “has been brought to the highest level” of its leadership and have been approved, he has cancelled the US’ scheduled strikes and bombings on Iran. “Discussions and final points have been, in both concept and great detail, approved by all parties involved, including the United States, Israel, Saudi Arabia, UAE, Qatar, Turkey, Pakistan, Bahrain, Kuwait, Jordan, Egypt, and others,” he said. “The Naval Blockade will remain in full force and effect until this Transaction is finalized — Time and place of the signing to be announced shortly,” he added. The US naval blockade of Iranian ports and coastal areas, which is being enforced in the vicinity of the Strait of Hormuz, took effect on 13 April. Trump told reporters at the White House on 11 June that a signing could take place as soon as this weekend in Europe, and that Vice President JD Vance would attend the signing, according to Bloomberg news. Iran’s semi-official Fars news agency subsequently reported that Iran had not yet approved any agreement text. The US military launched strikes for a second day against Iran on 11 June after Trump accused the country of dragging out talks on an interim peace deal. Progress towards a peace deal remains slow as both sides hold indirect talks focused on an interim agreement to halt hostilities while deferring nuclear negotiations. The process is further complicated by Iran’s demands for the release of frozen assets and sanctions relief, alongside Israel’s intensifying military campaign against militant group Hezbollah based in Lebanon. Recent sharp declines in oil pr