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Oil prices drop sharply after Iran-Israel ceasefire

Politiko 2025-06-24 10:12:45

Oil prices drop sharply after Iran-Israel ceasefire

Oil prices continued to fall during the morning hours of Tuesday in European markets, as news of a ceasefire agreement between Iran and Israel eased investor concerns about possible supply disruptions.

According to Reuters, US West Texas Intermediate (WTI) crude oil fell 3.7%, trading at $65.9 per barrel.

Meanwhile, Brent crude, the global benchmark for prices, lost 3.8%, falling to $68.8 per barrel.

News of the ceasefire was announced overnight by US President Donald Trump, who described the agreement as a "complete and comprehensive ceasefire" between Israel and Iran, via a post on social media.

He later confirmed that the ceasefire had already taken effect. Iranian and Israeli media outlets also reported the start of the ceasefire, however the concrete details of the agreement remain unclear.

Just a day earlier, on Monday, oil prices had suffered a sharp drop of over 7% after Iran launched limited missile attacks on US bases in Qatar.

US WTI crude fell 7.2%, closing at $68.51 a barrel, the biggest daily drop since early April and one of the worst days in the last three years.

Brent also had a similar decline, closing at $71.48 per barrel, the biggest drop since August 2022, according to Reuters.

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