NYMEX WTI crude July futures settle at $84.88 a barrel

On June 12, 2026, NYMEX WTI crude July futures settled at $84.88 per barrel, reflecting a notable shift in market sentiment amid evolving geopolitical developments. Earlier in the day, prices had surged to a high of $87.23 before retreating on news of progress in U.S.-Iran negotiations, which raised hopes for de-escalation of tensions. The settlement marked a 3.39% decline from previous close.

The price movement was influenced by a combination of factors, including statements from President Trump indicating a potential agreement with Iran, which eased concerns over supply disruptions in Strait. Additionally, reports from Axios highlighted recent diplomatic progress, contributing to a more optimistic short-term outlook.

Despite the decline, the contract had reached a 4-week high earlier in the session, driven by earlier reports of military activity and heightened fears of conflict. The market remains sensitive to geopolitical developments, with traders closely monitoring the situation for any signs of renewed instability.

Looking ahead, the July futures contract is set to expire on June 22. Open interest stood at 128,861 contracts as of the close, indicating continued market participation and interest. Investors and traders are advised to remain cautious, as the market remains vulnerable to sudden shifts in sentiment based on unfolding events in the Middle East.