Oil prices drop following declaration of Israel-Iran ceasefire
Oil futures—financial contracts in which a buyer and a seller agree to trade a specified number of barrels of oil at a fixed price set for a future date—dropped sharply today following a ceasefire announced by Israel and Iran. Oil prices tumbled by 3-5 per cent.
Brent crude, the international benchmark for oil prices, fell to $68 a barrel—below the level it was at when Israel launched missiles against Iran's nuclear sites on June 13.
Oil futures dropped sharply today following a ceasefire announced by Israel and Iran. Oil prices tumbled by 3-5 per cent. Brent crude, the international benchmark for oil prices, fell to $68 a barrelâ€'below the level it was at when Israel launched missiles against Iran's nuclear sites on June 13. The price fall narrowed as Israel claimed that Iran had violated the ceasefire by launching a missile.
Oil prices had increased by around 10 per cent (to as much as $81 a barrel) over the mid-June start of Iran-Israel hostilities.
The fall in prices narrowed as Israel claimed today that Iran had violated the ceasefire by launching a missile, according to news reports from the region.
Concerns were high as well regarding potential supply disruptions arising out of the probable closure of the Strait of Hormuz—a key route for Iranian and other Middle Eastern shipments—by Iran. Though Iran's parliament the day before approved the closure of the strait, and a final decision rested with the country's National Security Council, the ceasefire with Israel followed soon after.
Iran produced 3.3 million barrels per day in May, according to the monthly oil market report released in June by the Organization of Petroleum Exporting Countries (OPEC).
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