Oil tumbles to over one-week lows as Trump announces Israel-Iran ceasefire
  • June 23, 2025

Oil tumbles to over one-week lows as Trump announces Israel-Iran ceasefire

SINGAPORE (Reuters) -Oil prices fell sharply to their lowest in more than a week on Tuesday as U.S. President Donald Trump said a ceasefire has been agreed between Iran and Israel, alleviating worries of supply disruptions in the Middle East - a major oil-producing region. Brent crude futures were down $2.08, or 2.9%, at $69.40 a barrel around 0330 GMT, after earlier tumbling more than 4% and touching its lowest level since June 11. Trump announced on Monday that Israel and Iran have fully agreed to a ceasefire, adding that Iran will begin the ceasefire immediately, followed by Israel after 12 hours.