China's SC Crude Drops 3.63% After Trump Posts Conflicting Iran Statements on June 12

According to Jin10 futures, China's SC crude oil futures dropped 3.63% overnight on June 12 after U.S. President Trump posted conflicting statements on Truth Social regarding Iran. Trump initially stated the U.S. would launch a "fierce strike" against Iran and occupy oil infrastructure to control Iran's oil and gas markets. However, Trump later reversed course, saying U.S.-Iran negotiations were entering final stages and a new agreement could be signed quickly, temporarily suspending military action plans. Oil traders reacted by selling positions following the price decline.

According to Iranian sources cited by CCTV News on June 11, a person close to Iran's negotiating team said Iran had "not approved any preliminary memorandum of understanding text reached with the United States."