Oil prices fell 6% at the end of trading on Tuesday, June 24, 2025, deepening their losses in just two days to more than 13%, as the war with Iran came to a halt and hopes for a decline in Middle East tensions spread. Crude prices hit their lowest levels in more than a week after US President Donald Trump announced a ceasefire agreement between Iran and Israel, alleviating fears of supply disruptions from the major oil-producing region. Trump announced late Monday that Israel and Iran had fully agreed to a ceasefire, adding that Iran would begin the ceasefire immediately, followed by Israel 12 hours later. He noted that if both sides maintain peace, the war would officially end within 24 hours, ending a 12-day conflict. Oil prices closed trading on Monday, June 23, down more than 7%, amid confusion among crude oil traders in financial markets. At the close of the session, Brent crude futures for August 2025 delivery fell 6% to $67.14 per barrel. US West Texas Intermediate (WTI) crude futures for August 2025 delivery also fell 6% to $64.37 per barrel, according to data monitored live by the Washington-based energy platform. Brent and WTI crude futures each fell 7.2% during the previous session after Iran targeted some US military bases in the region. The Strait of Hormuz remained unaffected, as threats to close it have raised fears of supply disruptions in recent days.
