#BitmineAddsAnother25KEther

Oil Prices Rebound as Iran Denies Trump’s Claims
Crude Oil Focus:
Iran’s Foreign Ministry affirms that no final decision has been made regarding the peace agreement claimed by Trump.
OPEC again cuts its global oil demand growth forecast for 2026, marking the second consecutive downward revision.
************************************************************
Friday, June 12, 2026 - At the close of this morning’s session, oil prices are observed to move in a bearish correction following Iran’s denial of Trump’s earlier claim that a peace deal is near. Nevertheless, OPEC’s pessimistic outlook on oil demand growth acts as a catalyst limiting prices.
Iran’s Foreign Ministry spokesperson Esmaeil Baghaei on Thursday emphasized that no final decision has been made regarding the peace agreement Trump claims will be signed soon, possibly by the end of this week. Baghaei stated that most of the agreement’s contents are under review by relevant decision-making bodies, and Iran will not compromise on demands including the lifting of international sanctions, the release of billions of dollars in frozen assets, and recognition of its control over the Strait of Hormuz.
Additional support came from news of Iran’s attack targeting Kuwait International Airport on Thursday morning, which temporarily closed the airspace, damaged airport radars, and caused injuries, according to Kuwait Civil Aviation Authority in a letter to the International Civil Aviation Organization. The attack marks Iran’s second strike on Kuwait’s only international airport within less than a week.
Meanwhile, in the Monthly Oil Market Report (MOMR) released on Thursday, OPEC lowered its forecast for global oil demand growth in 2026 to 970,000 barrels per day (bpd), down from the previous estimate of 1.17 million bpd, marking the second consecutive downward revision. Demand is expected to recover next year, increasing by 1.73 million bpd, up from 1.54 million bpd in last month’s OPEC report.
Adding to the price pressure, during a phone call on Thursday night, Israeli Prime Minister Benjamin Netanyahu discussed with President Trump the possibility of a peace agreement currently under consideration between the US and Iran.
From a technical perspective, oil prices may encounter nearby resistance at the $89 per barrel level. However, if negative catalysts emerge, prices could decline toward the nearest support at $84 per barrel.