Tuesday 24/June/2025 – 09:41 am
Oil prices have witnessed a sharp decline to their lowest levels in more than a week today, after US President Donald Trump announced a ceasefire agreement between Iran and Israel, which calmed down fears of supplies in the Middle East, the main oil producing region.
Brent crude futures decreased by more than 5%
According to Reuters, Brent crude futures decreased by $ 2.08 by more than 5 % to $ 69.40 a barrel, after decreasing earlier by more than 4 % and touched its lowest level since June 11.
The US West Texas Intermediate crude fell $ 2.03 or 3.0% to 66.48 dollars a barrel, after decreasing by 6% to its lowest level since June 9 earlier in the session.
American -Israeli multi -front escalation
US President Donald Trump announced that the American forces have completely destroyed Iranian nuclear facilities, in strikes in conjunction with Israeli attacks inside Iranian territory, which included the capital, Tehran, and the Fordo nuclear site, which was among the targets of the American bombing.
Despite the escalating tension, the “Energy Aspests” Foundation ruled out the possibility of a complete closure of the Strait of Hormuz, through which about 20% of global oil supplies pass. The Foundation explained that targeting an immune American base without any injuries indicates Iran’s desire to contain the escalation within deliberate borders.
