Business • Jun 24, 2025

Crude oil prices plunge amid Middle East ceasefire

Oil prices slid on Tuesday after US President Donald Trump announced a ceasefire between Israel and Iran, easing worries about supply issues from the region.
Brent crude dropped by $2.69 to $68.79 per barrel, and US WTI fell by $2.70 to $65.46 per barrel—both down almost 4%.

TL;DR

Ceasefire news sends prices tumbling

Both oil contracts had just hit five-month highs thanks to rising tensions, but the ceasefire news sent prices tumbling over 7%.
Trump said Iran would start the truce right away, with Israel following soon after—possibly wrapping up the 12-day conflict within a day.
Analyst Tony Sycamore noted this move took out much of the "risk premium" in oil, and if things stay calm, Iran could boost exports and help steady global supplies.