Oil tumbles about 5% after Israel agrees to Trump's proposal on ceasefire
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. U.S. West Texas Intermediate crude fell $3.75, or 5.5%, to $64.76 per barrel.
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.
Trump had 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. 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. 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. U.S. West Texas Intermediate crude fell $3.75, or 5.5%, to $64.76 per barrel.
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.
Trump had 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. 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. 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. U.S. West Texas Intermediate crude fell $3.75, or 5.5%, to $64.76 per barrel.
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.
Trump had 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. 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. Reuters
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Oil tumbles about 5% after Israel agrees to Trump's proposal on ceasefire
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