Singapore, 12 June 2026 – Oil prices extended their losses on Friday after US President Donald Trump called off planned military action against Iran, easing fears of a wider regional escalation and prompting traders to reduce part of the geopolitical risk premium built into crude markets.

The pullback reflected a swift change in sentiment across energy markets. Brent crude fell more than 2% to around US$88 a barrel, while US West Texas Intermediate also declined to the mid-US$80 range, as investors reassessed the probability of a severe disruption to Middle East oil flows.

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Bernard Lee

Bernard is a social activist dedicated to championing community empowerment, equality, and social justice. With a strong voice on issues affecting grassroots communities, he brings insightful perspectives shaped by on-the-ground advocacy and public engagement. As a columnist for The Ledger Asia, Bernard writes thought-provoking pieces that challenge norms, highlight untold stories, and inspire conversations aimed at building a more inclusive and equitable society.