Oil prices fell sharply to their lowest in more than a week on Tuesday, June 24, 2025, as United States President Donald Trump said a ceasefire has been agreed between Iran and Israel.
Brent crude futures were down $2.08, or 2.9%, at $69.40 a barrel at about 0330 GMT, after earlier tumbling more than 4% and touching its lowest level since June 11.
U.S. West Texas Intermediate crude declined $2.03, or 3.0%, to $66.48 per barrel, having dived 6% to its weakest level since June 9 earlier in the session.
Trump announced on Monday that Israel and Iran have fully agreed to a ceasefire, adding that Iran will begin the ceasefire immediately, followed by Israel after 12 hours.
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If both sides maintain peace, the war will officially end after 24 hours, concluding a 12-day conflict, Reuters reported.
A senior market analyst at Phillip Nova, Priyanka Sachdeva, said: “If the ceasefire is followed as announced, investors might expect the return to normalcy in oil.
“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.”
Trump said that a “complete and total” ceasefire will go into force with a view to ending the conflict between the two nations.
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.
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