Brent crude at $90.50 after ceasefire between Israel and Iran
Business
Oil just got cheaper: Brent crude fell to $90.50 a barrel, its lowest in almost two months.
This comes after Israel and Iran agreed to a ceasefire, calming worries about war in the region that had been keeping prices high.
Investors are now backing off from those war-risk bets, and China's oil demand is down too, with the country importing less crude than it has in eight years.
US crude exports rise $6.4 billion
Meanwhile, US trade data show US crude exports are up by $6.4 billion as buyers look for steady supplies amid global shipping issues.
OPEC+ also just approved a small production increase for July.
With more US oil on the market and demand cooling off globally, fears of an oil shortage seem to be fading for now.