support@headlinenews360.com
Iran Israel Ceasefire: The rapidly rising price of crude oil had created a stir in the international world. The market experts were fearing to reach 110 to 120 dollars per barrel. However, on the sidelines of heavy tension in the Middle East, US President Donald Trump announced a ceasefire between Iran and Israel, crude oil prices fell rapidly. On social media platform Truth Social, President Trump said that ceasefire will become effective in the next 12 hours and the struggle that is going on in the Gulf country at this time will end.
Confirming this, a senior Iran official said that Tehran has agreed on the ceasefire with Israel. Israel’s channel 12 has stated in its report that Prime Minister Benjamin Netanyahu gave his consent to the ceasefire agreement during a conversation with President Donald Trump.
Oil prices fall after ceasefire
After the announcement of the ceasefire, there has been a tremendous decline in the price of crude oil on Monday during the early trade in the Asian market. The price of West Texas Intermediate (WTI) August crude fissures fell 5.1 percent to $ 65.02 a barrel. It is at the bottom after June 12. On this day, Iran was attacked by a missile from Israel.
The price of Brent crude oil has already fallen by 8 percent after the news of no loss of life and property in the counter -attack on the US base in Qatar.
Trump announces ceasefire
President Donald Trump officially posted on Truth Social and wrote that this time is now of peace. Both parties have fully agreed on the session. It is worth noting that after the US attack on Iran’s nuclear installations in the weekend, the price of Brent crude oil on Monday jumped to $ 81 per barrel. However, this increase was very limited. Oil producing countries did not cut any kind of cut in its production nor did Iran take any such step threatening to shut down the Straight of Hormuz.
In such a situation, despite geopolitical tension, there was no such jump in oil prices, which the market experts were expecting. One of the reasons for this is that the group of oil producing countries OPEC+ had agreed that even if the oil supply is interrupted from Iran, the rest of the member countries will continue to supply global supply.
