The price of Brent crude oil fell nearly 5% to $67.96 (approximately 59 euros), continuing its downward trend following the announcement of a ceasefire between Iran and Israel.
At 4:30 PM (Lisbon time), Brent crude was trading at $67.96 per barrel, a decrease of 4.9% from Monday’s closing price of $71.48.
Meanwhile, West Texas Intermediate (WTI) crude, a benchmark in the United States, fell by 4.97% to $65.18 (56.58 euros).
Iranian President Massoud Pezeshkian stated today that Tehran would respect the ceasefire with Tel Aviv as long as Israel honors the terms.
“If the Zionist regime does not violate the ceasefire, Iran will also uphold it,” Pezeshkian said during a phone conversation with Malaysian Prime Minister Anwar Ibrahim, according to the Iranian Presidency’s portal.
Israel and Iran have agreed to a ceasefire plan proposed by U.S. President Donald Trump to end the 12-day conflict that shook the Middle East, following Tehran’s attack on the Al-Udeid base in Qatar, a key U.S. military installation in the region.
Tel Aviv and Tehran have accused each other of breaching the truce.
The war between Israel and Iran was triggered in mid-June by Israeli bombings on Iranian territory, leading to Tehran’s retaliation.
