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Global crude oil benchmarks settled slightly lower on Thursday, 12 June, as traders paused to reassess geopolitical risks in the Middle East and locked in gains from the previous session’s sharp rally.

Brent crude dipped 41 cents, or 0.6%, to close at $69.36 per barrel.

WTI crude eased 11 cents, or 0.2%, to settle at $67.97 per barrel.

The decline followed a robust 4% surge on Wednesday—the sharpest daily gain in over a month—fuelled by heightened fears that escalating tensions in the Middle East could disrupt regional oil supplies. The spike came after the US government ordered the relocation of diplomatic personnel from the region, a move widely interpreted as a signal of worsening security conditions.

Adding to the cautious tone were remarks from US President Donald Trump, who said he plans to impose unilateral tariffs on trade partners within the next one to two weeks. The announcement dampened investor appetite across broader risk assets, applying further pressure on oil prices.

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