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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Iran said on Sunday (10 May) that it had sent its response to a U.S. proposal aimed at launching peace talks to end the war, as signs of tentative movement emerged around the Strait of Hormuz despite renewed security incidents across the Gulf.
Slovak Prime Minister Robert Fico has cited Azerbaijan as an example of what he described as a sovereign foreign policy, recalling remarks made by President Ilham Aliyev during talks in Yerevan, where he sharply criticised resolutions adopted against his country by the European Parliament.
Russia is holding a significantly scaled-back Victory Day parade in Moscow on 9 May 2026, reflecting heightened security concerns and the ongoing war in Ukraine, now in its fourth year.
Centre-right leader Péter Magyar was sworn in as Hungary’s prime minister on Saturday, propelled into office on promises of change after years of economic stagnation and strained ties with key allies under his predecessor Viktor Orbán.
Efforts to end the U.S.-Iran war appeared to stall as the two sides exchanged fire in and around the Strait of Hormuz. A reported CIA assessment suggested Tehran could withstand a U.S. naval blockade for months despite mounting sanctions and renewed Gulf attacks.
British paratroopers and military medics have been deployed to Tristan da Cunha after a suspected hantavirus case was confirmed, as first evacuation flights carrying passengers from the stricken MV Hondius cruise ship left Tenerife for Madrid and Paris.
Russia is holding a significantly scaled-back Victory Day parade in Moscow on 9 May 2026, reflecting heightened security concerns and the ongoing war in Ukraine, now in its fourth year.
Indonesian rescue teams have located two Singaporeans who went missing after Mount Dukono erupted on Friday (8 May) on the island of Halmahera, though authorities say it remains unclear whether they are alive.
The U.S. Defense Department has released dozens of previously classified files on unidentified anomalous phenomena (UAP) on Friday (8 May), following an order from President Donald Trump. U.S. officials described as a push for “unprecedented transparency”.
China’s exports grew faster than expected in April, as overseas buyers moved quickly to secure supplies amid fears that the conflict involving Iran could drive up global energy and transport costs.
Asian stocks surged to record highs on 7 May as investors priced in growing hopes of a potential Middle East peace deal, while oil prices eased and the U.S. dollar weakened amid shifting global risk sentiment.
Stocks around the world climbed to fresh record highs on Wednesday (6 May), while oil prices fell sharply, after reports suggested the United States and Iran were nearing an agreement to end conflict.
U.S. President Donald Trump has said he will raise tariffs on cars and trucks imported from the European Union to 25% next week, up from the 15% level agreed last year, accusing the bloc of failing to comply with its trade commitments.
The decision by the United Arab Emirates to leave OPEC+ on 1 May has put renewed focus on one of the most influential groups in global energy - and how its decisions can shape oil prices worldwide.
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