2 weeks ago
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Oil prices tumbled by nearly 5 per cent on Tuesday after Israel agreed to a ceasefire with Iran after nearly two weeks of conflict.
Brent crude, the international benchmark for oil prices, fell to US$68 a barrel, which is below the level it was when Israel launched missiles against Iran’s nuclear sites on June 13.
Prices had spiked in recent days as concerns grew that Iran could disrupt global supplies by blockading the Strait of Hormuz, a key shipping route for oil and gas.
Stock markets in the UK, Europe and Asia rose as US President Donald Trump declared the ceasefire “is now in effect”, after which Israel confirmed that it had agreed to the move.
Oil prices have soared to as much as US$81 a barrel since the missile strikes began, stoking fears that the cost of living could increase as petrol, diesel and business expenses grew.
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