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Oil prices fall after Israel-Iran ceasefire reached

Politiko 2025-06-24 19:26:52

Oil prices fall after Israel-Iran ceasefire reached

Oil prices fell nearly 5 percent on Tuesday after Israel agreed to a ceasefire with Iran to end a 12-day conflict. Crude oil prices initially fell to $68 a barrel, but have since risen slightly to $69.68 a barrel after Iran and Israel accused each other of violating the ceasefire hours after it began.

Oil prices have risen in recent days amid concerns that Tehran could disrupt global supplies by closing the Strait of Hormuz, a key shipping route for oil and gas.

Stock markets in the United States, the United Kingdom and Europe have been steady after US President Donald Trump told Israel to stop bombing, although he also accused Iran of violating the ceasefire.

Just hours ago, Trump said the ceasefire was starting to take effect. The current price of oil is below the level it was when Israel launched missiles at Iranian nuclear sites on June 13.

The attack sent oil prices soaring to $81 a barrel, raising concerns about rising prices for other essential commodities. This comes after Russia launched a war in Ukraine three years ago, affecting lives around the globe.

The situation in the Middle East is tense due to Israel's surprise attack on Iran's nuclear and military centers.

Israel believes that Iran cannot have nuclear weapons because it threatens its existence, although Tehran claims that its nuclear program is for peaceful purposes only. Iran has retaliated with missile attacks on Israel, and in the ongoing exchange of missiles, residents of both countries have been killed and injured./ REL

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