Oil prices fall below $70 as Trump announces ceasefire between Israel and Iran
Oil prices dropped below $70 a barrel following US President Donald Trump's announcement of a ceasefire agreement between Israel and Iran. Global oil benchmark Brent Crude — which had surged more than 13% after the escalation between the two countries— was trading at $67.89 a barrel, while WTI (West Texas Intermediate) was at $65.05 a barrel as of 8:18 pm IST.
The 12-day-long conflict appeared to come to an end after Trump declared the ceasefire on Truth Social, describing it as 'complete and total.' He stated that Iran would begin the ceasefire, followed by Israel twelve hours later, with a formal end to the conflict marked after 24 hours. 'During each ceasefire phase, the other side will remain peaceful and respectful,' he added.
However, Iran denied that any agreement had been reached, though it indicated a pause in military operations. 'As of now, there is no 'agreement' on any ceasefire or cessation of military operations. However, provided that the Israeli regime stops its illegal aggression against the Iranian people no later than 4 am. Tehran time, we have no intention to continue our response afterwards,' said Iran's foreign minister Seyed Abbas Araghchi in a social media post.
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