Oil prices fell nearly 5% to $68 a barrel after Israel and Iran agreed to a ceasefire, easing fears of supply disruptions and lifting Asian stock markets.
nvn news
Tue Jun 24 2025
Oil prices fell sharply, by nearly 5% on Tuesday after Israel and Iran agreed to a ceasefire following nearly two weeks of tension. Brent crude, the global benchmark, dropped to $68 per barrel, falling below the level it was before Israel launched missile strikes on Iran on June 13.
Prices had previously jumped as fears grew that Iran might block the Strait of Hormuz, a critical route for global oil and gas shipments. At one point, oil prices had surged to $81 per barrel, raising concerns about rising fuel and living costs.
The ceasefire was confirmed after U.S. President Donald Trump announced that the agreement was in place. Asian stock markets responded positively, Japan’s Nikkei rose 1.1% and Hong Kong’s Hang Seng climbed 2.1%.
Analyst Priyanka Sachdeva noted that if the ceasefire holds, oil prices could return to normal levels. However, she added that much depends on how well both countries stick to the agreement.
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