Oil prices plummeted after President Trump announced a ceasefire agreement between Iran and Israel, easing concerns about potential supply disruptions. Brent crude futures fell significantly, mirroring a drop in U.S. West Texas Intermediate crude. The ceasefire news led to the evaporation of the risk premium previously built into crude oil prices, as tensions eased in the region.
Oil prices slump 5% to one-week lows as Israel accepts ceasefire proposal
