Oil prices extended their slide in European hours Tuesday after news of a ceasefire deal between Iran and Israel, which eased investors’ concerns over potential supply disruptions.
US West Texas Intermediate crude was last 3.7% down at $65.9 per barrel, while Brent crude, the global benchmark, was 3.8% lower on the day at $68.8 a barrel.
Overnight, US President Donald Trump announced what he called “a complete and total” ceasefire between Israel and Iran in a post on social media. He later said that a ceasefire between the two countries was now “in effect.” Iranian and Israeli media have also said a ceasefire has begun. But the precise details are unclear.
On Monday, oil prices lost more than 7% after Iran launched targeted and limited missile strikes on US bases in Qatar. US crude tumbled 7.2% to settle at $68.51 a barrel, the biggest one-day drop since early April and one of its worst days over the past three years. Brent closed at $71.48 a barrel, down 7.2%, the steepest decline since August 2022, according to Reuters.
