{"id":78477,"date":"2025-06-24T13:14:22","date_gmt":"2025-06-24T08:14:22","guid":{"rendered":"https:\/\/dailyausaf.com\/en\/?p=78477"},"modified":"2025-06-24T13:14:22","modified_gmt":"2025-06-24T08:14:22","slug":"oil-prices-tumbles-about-5-after-israel-iran-ceasefire","status":"publish","type":"post","link":"https:\/\/dailyausaf.com\/en\/world\/oil-prices-tumbles-about-5-after-israel-iran-ceasefire\/","title":{"rendered":"Oil prices tumbles about 5% after Israel-Iran ceasefire"},"content":{"rendered":"
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SINGAPORE (Reuters): Oil prices hit their lowest in two weeks on Tuesday after Israel agreed to U.S. President Donald Trump’s proposal for a ceasefire<\/a> with Iran, alleviating worries of supply disruptions in the Middle East – a major oil-producing region. <\/span><\/p>\n

B<\/span>rent crude futures were down $3.82, or 5.3%, at $67.66 a barrel at 0645 GMT. U.S. West Texas Intermediate crude fell $3.75, or 5.5%, to $64.76 per barrel.<\/p>\n

Israel has agreed to Trump’s proposal for a ceasefire with Iran after it achieved its goal of removing Tehran’s nuclear and ballistic missile threat, Prime Minister Benjamin Netanyahu said in a statement posted by his office on Tuesday.<\/p>\n

Trump had announced on Monday that Israel and Iran had fully agreed to a ceasefire, adding that Iran would begin the ceasefire immediately, followed by Israel after 12 hours.<\/p>\n

If both sides maintain peace, the war will officially end after 24 hours, concluding a 12-day conflict.”If the ceasefire is followed as announced, investors might expect the return to normalcy in oil,” said Priyanka Sachdeva, senior market analyst at Phillip Nova.<\/p>\n

“Moving forward, the extent to which Israel and Iran adhere to the recently announced ceasefire conditions will play a significant role in determining oil prices,” Sachdeva said.<\/p>\n<\/header>\n

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Trump said that a “complete and total” ceasefire will go into force with a view to ending the conflict between the two nations. “With the ceasefire news, we are now seeing a continuation of the risk premium built into crude oil price last week all but evaporate,” said Tony Sycamore, analyst at IG.<\/p>\n

Iran is OPEC’s third-largest crude producer, and the easing of tensions would allow it to export more oil and prevent supply disruptions, a major factor in oil prices jumping in recent days.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n

Both the oil contracts settled over 7% lower in the previous session after rallying to five-month highs after the U.S. attacked Iran’s nuclear facilities over the weekend, stoking fears of a broadening in the Israel-Iran conflict.<\/p>\n

The direct U.S. involvement in the war had also focused investors squarely on the Strait of Hormuz, a narrow and vital waterway between Iran and Oman in the Mideast Gulf through which between 18 and 19 million barrels per day of crude oil and fuels flow, nearly a fifth of the world’s consumption.<\/p>\n

Concerns were growing that any disruption to maritime activity through the strait would catapult prices, possibly into three-digit territory.<\/p>\n

For now, however, traders were catching their breath from the recent oil price spike.<\/p>\n

“Technically, the overnight sell-off reinforces a layer of resistance between approximately $78.40 (October 2024 and June 2025 highs) and $80.77 (the year-to-date high), and it’s clear that it will take something extremely unexpected and detrimental to supply for crude oil to break through this layer of resistance,” Sycamore added.<\/p>\n

Reporting by Anjana Anil in Bengaluru and Jeslyn Lerh in Singapore; Editing by Leslie Adler, Shri Navaratnam and Lincoln Feast.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/article>\n

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SINGAPORE (Reuters): Oil prices hit their lowest in two weeks on Tuesday after Israel agreed to U.S. President Donald Trump’s proposal for a ceasefire with Iran, alleviating worries of supply disruptions in the Middle East – a major oil-producing region. Brent crude futures were down $3.82, or 5.3%, at $67.66 a barrel at 0645 GMT. […]<\/p>\n","protected":false},"author":14,"featured_media":78481,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[7364,29683],"class_list":["post-78477","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-world","tag-oil-prices","tag-israel-iran-ceasefire"],"_links":{"self":[{"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/posts\/78477","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/users\/14"}],"replies":[{"embeddable":true,"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/comments?post=78477"}],"version-history":[{"count":2,"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/posts\/78477\/revisions"}],"predecessor-version":[{"id":78483,"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/posts\/78477\/revisions\/78483"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/media\/78481"}],"wp:attachment":[{"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/media?parent=78477"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/categories?post=78477"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/tags?post=78477"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}