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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U.S. President Donald Trump threatened Iran's energy and transport infrastructure in a social media post containing expletives on Sunday (5 April), as he seperately gave Iran a deadline of Tuesday to reopen the Strait of Hormuz.
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The U.S. national average retail price of petrol rose above $4 a gallon for the first time in over three years on Monday (30 March), according to GasBuddy data, as the U.S.–Israeli war with Iran continued to roil global energy markets.
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