According to Gate News bot, CNN reported that on Tuesday, news of a ceasefire protocol between Iran and Israel eased investors' concerns about potential supply disruptions, and oil prices continued to fall during European trading hours.
U.S. West Texas Intermediate crude oil futures fell 3.7% to $65.9 per barrel, while global benchmark Brent crude oil futures dropped 3.8% to $68.8 per barrel.
U.S. President Donald Trump announced overnight on social media that there is a "complete" ceasefire between Israel and Iran. He then stated that the ceasefire is now "in effect." Iranian and Israeli media have also reported that the ceasefire has begun. However, specific details remain unclear.
On Monday, Iran launched a targeted limited missile attack on the US base in Qatar, causing oil prices to fall over 7%. US crude oil prices plummeted by 7.2%, closing at $68.51 per barrel, marking the largest single-day decline since early April and one of the worst days in the past three years.
According to Reuters, Brent crude closed at $71.48 per barrel, down 7.2%, marking the largest single-day fall since August 2022.
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The news of a ceasefire protocol between Iran and Israel has led to a big dump in oil prices.
According to Gate News bot, CNN reported that on Tuesday, news of a ceasefire protocol between Iran and Israel eased investors' concerns about potential supply disruptions, and oil prices continued to fall during European trading hours.
U.S. West Texas Intermediate crude oil futures fell 3.7% to $65.9 per barrel, while global benchmark Brent crude oil futures dropped 3.8% to $68.8 per barrel.
U.S. President Donald Trump announced overnight on social media that there is a "complete" ceasefire between Israel and Iran. He then stated that the ceasefire is now "in effect." Iranian and Israeli media have also reported that the ceasefire has begun. However, specific details remain unclear.
On Monday, Iran launched a targeted limited missile attack on the US base in Qatar, causing oil prices to fall over 7%. US crude oil prices plummeted by 7.2%, closing at $68.51 per barrel, marking the largest single-day decline since early April and one of the worst days in the past three years.
According to Reuters, Brent crude closed at $71.48 per barrel, down 7.2%, marking the largest single-day fall since August 2022.