Oil prices fell sharply for a second day after Israel confirmed a U.S.-brokered ceasefire with Iran, easing fears that the conflict would disrupt global energy supplies.
Brent crude, the global benchmark, dropped by 5.4% to $67.65 per barrel on Tuesday, after tumbling 7% on Monday, returning to levels last seen before Israel launched strikes against Iranian nuclear and military sites on 13 June.
The market reacted to a post from U.S. President Donald Trump “It has been fully agreed by and between Israel and Iran that there will be a Complete and Total CEASEFIRE,” he announced.
Israel’s government later confirmed it had accepted the ceasefire proposal after achieving its military objectives.
The truce brought relief to global financial markets. London’s FTSE 100 rose 0.8%, Japan’s Nikkei gained 1.1%, and Hong Kong’s Hang Seng climbed 2.1%.
Meanwhile, an Iranian strike on Al Udeid airbase in Qatar Monday night was described by the US as “largely symbolic,” further calming fears of wider regional disruption.
The Strait of Hormuz, a critical shipping lane for global oil and gas, remained open despite Iran’s parliament voting to close it.
Analysts now expect market focus to shift back to fundamentals such as OPEC production plans and global demand trends. Senior Analyst Ipek Ozkardeskaya of Swissquote Bank said U.S. crude could fall below $65 a barrel if tensions do not escalate again.
However, she warned that any new flare-up in hostilities could trigger another short-lived spike in prices.
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Thousands of Bulgarians took to the streets on Thursday evening to protest against the outgoing government, demanding fair elections and judicial reforms to address what they describe as widespread corruption.
Australia has announced a nationwide gun buyback scheme following the mass shooting at Sydney’s Bondi Beach, Prime Minister Anthony Albanese said on Friday, as hundreds of surfers and swimmers gathered there to pay tribute to the victims.
The suspect believed to be responsible for the mass shooting at Brown University last weekend has been found dead, U.S. federal officials have confirmed.
Brazilian President Luiz Inácio Lula da Silva has offered to mediate between the U.S. and Venezuela, warning that urgent diplomatic intervention is needed to prevent a “fratricidal war” in Latin America.
The latest clashes between Thailand and Cambodia mark a dangerous escalation in one of Southeast Asia’s oldest and most sensitive disputes.
In a ground-breaking development, artificial intelligence (AI) is taking on new forms in Japan, where it has extended to a more personal and intimate domain being romantic relationships.
European Union leaders have agreed to raise up to €90 billion through joint borrowing to support Ukraine’s defence in 2026 and 2027, opting not to use frozen Russian state assets amid legal and political concerns.
Petroleum products are being transported by rail from Azerbaijan to Armenia for the first time in decades. The move is hailed as a tangible breakthrough in efforts to normalise relations between the long-time rivals.
European Union foreign policy chief Kaja Kallas has warned that attempts to reach a peace agreement in Ukraine are being undermined by Russia’s continued refusal to engage meaningfully in negotiations.
Warner Bros Discovery’s board rejected Paramount Skydance’s $108.4 billion hostile bid on Wednesday (17 December), citing insufficient financing guarantees.
Ford Motor Company said on Monday it will take a $19.5 billion writedown and scrap several electric vehicle (EV) models, marking a major retreat from its battery-powered ambitions amid declining EV demand and changes under the Trump administration.
Iran has rolled out changes to how fuel is priced at the pump. The move is aimed at managing demand without triggering public anger.
U.S. stock markets closed lower at the end of the week, as investors continued to rotate out of technology shares, putting pressure on major indices.
The U.S. Federal Reserve’s Federal Open Market Committee (FOMC) cut its benchmark interest rate by 25 basis points to a range of 3.50% to 3.75% following its two-day policy meeting, according to an official statement issued on Wednesday, 10 December.
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