Around 06:35, the price of a barrel of Brent crude oil from the North Sea fell by 5.02% to $67.89, and the price of a barrel of US WTI crude dropped by 5.21% to $64.94.
U.S. President Donald Trump announced on Monday night in Washington that Israel and Iran have agreed to a ceasefire starting at 05:00 today (07:00 in Israel and 7:30 in Iran).
Today, Donald Trump posted on his Truth Social account, stating that “the ceasefire is now in effect” and urged it not to be violated.
On Monday, Brent plunged by up to 7.18% after Iran responded moderately to a U.S. attack on its nuclear facilities two days prior.
The oil market has been shaken in recent days due to fears that an escalation of hostilities between Iran and Israel could lead to the closure of the Strait of Hormuz, through which 20% of the global crude oil production flows.
