Global Oil Prices Continue to Slide as Brent and WTI Fall in Tandem After US-Iran War Risk Eases

Jakarta – Global oil prices continued their decline in early trading on Friday (12/6/2026), extending a sharp correction seen since the start of the week as market fears over a potential direct conflict between the United States and Iran subsided.

Based on Refinitiv data as of 09.50 WIB, Brent crude oil was recorded at US$89.41 per barrel, down 1.07 percent from the previous close of US$90.38 per barrel. Meanwhile, West Texas Intermediate (WTI) crude oil also fell 1 percent to US$86.83 per barrel from its previous position of US$87.71 per barrel.

The decline indicates that the global energy market is beginning to reduce the geopolitical risk premium that had driven oil prices sharply higher in recent weeks.

The correction on Friday was not a momentary dip. Oil prices have been under considerable pressure throughout the week. Brent crude, which briefly touched US$97.81 per barrel on 3 June 2026, has now fallen to US$89.41 per barrel, shedding approximately 8.6 percent of its value in just over a week. WTI crude suffered a similar fate, falling from US$96.02 per barrel in early June to US$86.83 per barrel, a correction of nearly 9.6 percent.

The decline reflects a significant shift in market sentiment after prices had previously been pushed up by fears of escalating conflict in the Middle East.

The main factor triggering the oil price weakness was US President Donald Trump’s decision to cancel a planned military strike against Iran. Markets had previously anticipated that tensions between Washington and Tehran could escalate into a wider conflict after the two countries engaged in mutual attacks. This situation had made market participants concerned about potential disruptions to global energy supplies, particularly from the Middle East region, which remains one of the world’s largest oil production centres.