Oil Drops to Over One-Week Lows After Israel-Iran Ceasefire

PUKMEDIA

Oil prices.

Oil prices plunged sharply on Tuesday, 24 June 2025, to their lowest levels in over a week following U.S. President Donald Trump’s announcement of a ceasefire agreement between Israel and Iran. 

Reuters reported that Brent crude futures fell by $2.08, or 2.9%, to $69.40 per barrel around 03:30 GMT, after earlier dropping more than 4% to reach their lowest since 11 June 2025. Similarly, US West Texas Intermediate crude declined $2.03, or 3.0%, to $66.48 per barrel, having earlier tumbled 6% to its weakest level since 9 June 2025.

President Trump announced on Monday that Israel and Iran had fully agreed to a phased ceasefire, with Iran commencing the ceasefire immediately and Israel following 12 hours later. If both parties maintain the truce, the 12-day conflict will officially end after 24 hours.



PUKMEDIA