Oil drops, stocks surge as Iranian media claims details of draft memorandum

Crude sharply extends losses after an Iranian state media outlet claims to have details of a 14-point draft memorandum aimed at ending the stand-off. That's after President Trump calls off planned strikes on Iran, saying the two could sign a peace deal as soon as this weekend.

Jun 12, 2026 - 12:00
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Oil drops, stocks surge as Iranian media claims details of draft memorandum
Crude sharply extends losses after an Iranian state media outlet claims to have details of a 14-point draft memorandum aimed at ending the stand-off. That's after President Trump calls off planned strikes on Iran, saying the two could sign a peace deal as soon as this weekend.

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