Oil prices continued to decline in Tuesday’s Asian markets following news of a ceasefire agreement between Iran and Israel. The announcement reduced concerns over potential supply disruptions that had previously sent energy markets into turmoil.
US West Texas Intermediate (WTI) crude dropped by 2% to $67.13 per barrel, its lowest point in nearly two weeks. Brent crude, the global benchmark, also slid 1.8% to $67.17 per barrel. The decline followed US President Donald Trump’s declaration of what he called a “complete and total” ceasefire between the two regional rivals.
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Iranian state media later confirmed that a ceasefire had been “imposed on the enemy,” following earlier military escalations, including a missile strike by Iran on US bases in Qatar. Oil prices had surged above $78 per barrel just days earlier, amid fears that the conflict would severely impact global energy supplies.
Monday had already seen dramatic losses in the oil market. WTI fell 7.2%—its biggest one-day drop since early April—while Brent posted its steepest daily fall since August 2022. The new ceasefire, while tentative, is offering temporary relief to markets still wary of renewed instability in the region.
