Tue, 24 Jun 2025

Tue, 24 Jun 2025 Oil prices tumble after Israel agrees to Iran ceasefire

Crude has dropped by more than 5% with prices now below the level when Israel first launched its attack.

* Oil prices fell by 5% on Tuesday after Israel agreed to a ceasefire with Iran.
* Brent crude price dropped below $67 a barrel, but recovered some ground later in trading.
* Stock markets in US, UK and Europe rose as US President Donald Trump confirmed the ceasefire was "now in effect".
* Crude oil price has soared to $81 a barrel since missile strikes began on June 13.
* Analysts expect return to normalcy in oil prices if ceasefire is followed, but extent of adherence will determine prices.
* Wholesale UK gas prices dropped by 17% after spiking higher earlier in the day.
* Global energy prices had pushed up, potentially affecting energy bills and petrol prices.
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