European Markets Wrap-Up: Oil prices plunge after Iran confirms details of the deal with the US

Friday, 12 Jun, 2026 News Oil prices plunge after Iran confirms details of the deal with the US WTI crude is now down over 4% on the day, accelerating a drop after yesterday's dive lower. The drop yesterday was somewhat arrested near the 100-day moving average (red line). But now, we're seeing a Central Banks ECB's Kocher says rate hike was intended to help stabilize inflation, expectations Full report here ECB's Kocher said yesterday's rate hike is intended to help stabilize inflation as the Middle East conflict continues to push up energy and commodity prices. Kocher warned that rising Learn more News Markets are cheering on the headlines but the devil may be in the details Markets are turning positive again as we see oil prices plunge alongside bond yields and stocks move up. That after Iran's Mehr News Agency reveals some key details of the memorandum of understanding Commodities Gold jumps after Trump cancels planned Iran attacks and announces a deal. What's next? FUNDAMENTAL OVERVIEW Gold jumped yesterday following Trump’s suspension of planned attacks on Iran and the announcement of an agreement in principle for the MoU to be signed in the next few days. Fed News Iran media says that memorandum of understanding draft still not yet finalised The draft includes US commitment to lift sanctions, withdraw its forces from around Iran US to cancel oil sanctions and release Iran's frozen funds Also includes commitment for the US to lift its nava Central Banks ECB's Dolenc says current rate level gives enough flexibility to respond to energy shock Full report here ECB's Dolenc said the European Central Bank’s rate hike gives policymakers enough flexibility to respond to the ongoing Middle East-driven energy shock. He emphasized that given the h News Spanish inflation picks up in May, core prices also continue to nudge higher CPI +3.2% vs +3.2% y/y prelim Prior +3.2% HICP +3.6% vs +3.6% y/y prelim Prior +3.5%; revised to +3.6% Core CPI +3.0% y/y Prior +2.8% Spanish headline inflation is confirmed to hold above 3% in May bu News French inflation accelerates in May as services inflation push up CPI +2.4% vs +2.4% y/y prelim Prior +2.2% HICP +2.8% vs +2.8% y/y prelim Prior +2.5% Core CPI +1.5% y/y Prior +1.2% French inflation is seen picking up in May as we also see a broadening in price pres Learn more News What are the main events for today? EUROPEAN SESSION In the European session, we don't have much on the agenda other than a couple of low tier releases like the final French and Spanish inflation reports. The ECB yesterday hiked interes

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