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Oil Prices Rebound Strengthened on the Back of Iran’s Denial of Trump’s Claims

Crude Oil Focus:

Iran’s Ministry of Foreign Affairs affirms that no final decision has been made regarding the peace deal claimed by Trump.
OPEC again cuts its 2026 global oil demand growth projection, marking the second consecutive downward revision.
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Friday, June 12, 2026 - At the close of this morning’s session, oil prices were seen moving lower in a bearish correction after Iran denied claims previously made by Trump that a peace deal is close. Even so, OPEC’s pessimistic outlook on oil demand growth remains a catalyst that caps prices.

Esmaeil Baghaei, a spokesperson for Iran’s Ministry of Foreign Affairs, said on Thursday that no final decision has yet been made on the peace deal Trump claims can be signed at the soonest by the end of this weekend. Baghaei said that most of the agreement’s contents are being reviewed by the relevant decision-making bodies, and Iran will not compromise on demands including the lifting of international sanctions, the release of assets worth billions of dollars that have been frozen, and recognition of its control over the Strait of Hormuz.

Additional support came from news of an Iranian attack targeting Kuwait’s international airport early on Thursday morning, which forced a temporary closure of the airspace, damaged the airport’s radar systems, and caused injuries, according to a letter from the Kuwait Civil Aviation Authority to the International Civil Aviation Organization. The attack marked Iran’s second strike on Kuwait’s only international airport in roughly a week.

Meanwhile, in the Monthly Oil Market Report (MOMR) released on Thursday, OPEC cut its forecast for global oil demand growth in 2026 to 970,000 bph, down from the prior estimate of 1.17 million bph, and also marked the second consecutive downward revision. Demand is expected to recover next year, rising by 1.73 million bph from 1.54 million bph in last month’s OPEC report.

Also weighing on prices, during a phone call on Thursday night, Israeli Prime Minister Benjamin Netanyahu told President Trump about the possibility of a peace agreement currently being considered between the US and Iran.

From a technical standpoint, oil prices may find the nearest resistance at the $89 per barrel level. However, if negative catalysts emerge, prices could fall to the nearest support at $84 per barrel.