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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Start your day informed with AnewZ Morning Brief: here are the top news stories for 10th July, covering the latest developments you need to know.
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Hollywood star Sydney Sweeney is reportedly the top contender to become the next Bond girl, as director Denis Villeneuve and Amazon look to modernise the James Bond franchise.
U.S. consumer prices rose at their fastest pace in five months in June, signaling the early impact of tariffs on inflation. However, subdued demand and falling service prices may keep the Federal Reserve cautious about rate changes.
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An Italian court has placed LVMH group's high-end Italian cashmere firm Loro Piana under judicial administration for a year after allegedly uncovering worker abuse inside its supply chain, in the latest in a string of cases that have tainted the image of Italy's luxury brand.
A Moscow court has ruled that the assets of U.S.-owned canned food company Glavprodukt be handed over to the Russian state, the TASS news agency reported late on Friday, ending a months-long legal tussle over the company.
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