Brent Oil Prices Trend Below US$90 Per Barrel On Friday's Open
KUALA LUMPUR, June 12 (Bernama) -- Brent oil prices closed at US$90.4 per barrel (bbl) and trended below the US$90.0/bbl threshold on Friday’s open on renewed optimism over a potential Iran deal (US$1=RM4.05).
CIMB Investment Bank Bhd said the performance is on track for a second weekly decline as United States (US) President Donald Trump reversed a planned Iran strike and indicated that an Iran deal was close, adding that Iran would not pursue a nuclear weapon under the accord.
“That said, volatility is likely to continue as Tehran reportedly has yet to approve the text of any agreement,” it said in a daily digest note today.
It added that the Organization of the Petroleum Exporting Countries (OPEC) cut its 2026 oil demand growth forecast to 970,000 bbl per day, but May output fell 190,000 bbl per day, keeping near-term supply tight despite softer demand.
-- BERNAMA