Oil Sinks to Seven-Week Low as Iran and Israel Halt Attacks; Brent Settles at $89.95, 10-Year Yield Slips to 4.54%

Oil settled sharply lower June 9 after Iran and Israel said they had halted attacks on each other following an appeal from U.S. President Donald Trump. Brent crude fell $4.30, or 4.6 percent, to $89.95 a barrel — its lowest close since April 17 — while West Texas Intermediate dropped $4.95, or 5.4 percent, to $86.35, Reuters reported.

Prices briefly pared losses midsession after Trump said Iran shot down a U.S. Apache helicopter patrolling the Strait of Hormuz overnight and that the U.S. 'must, of necessity, respond to this attack.' Tehran said it would resume hostilities if Israel continued striking Hezbollah in Lebanon. Demand signals compounded the slide: Chinese customs data showed May crude imports down 29 percent to an eight-year low.

The Strait of Hormuz, which carried about one-fifth of global crude and LNG before the conflict, remains largely blocked, though U.S. officials reported rising ship traffic and exports. Cross-asset effects were immediate — the U.S. 10-year Treasury yield retreated to 4.54 percent from near three-week highs, per Trading Economics, and equities advanced with materials and consumer discretionary leading, a day before the May CPI release.