New Delhi, June 12 -- Global oil prices fell below $90 per barrel on Friday after US President Donald Trump announced that he had cancelled the "planned strikes" on Iran and said a deal with Tehran had been approved and would be signed "shortly".

The August contract of Brent crude on the Intercontinental Exchange was trading at $89.37 per barrel, down 1.14% from its previous close. The July contract of West Texas Intermediate (WTI) fell 0.98% to $86.85 a barrel.

The decline came after Trump's announcement suggested a possible de-escalation in tensions that had rattled energy markets this week.

The White House, quoting Trump on X, said:

"Based on the fact that discussions with the Islamic Republic of Iran have been brought to the highe...