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Oil prices fall after Israel-Iran ceasefire reached

2025-06-24 20:15:00, Kosova & Bota CNA

Oil prices fall after Israel-Iran ceasefire reached

Oil prices fell nearly 5 percent on Tuesday after Israel agreed to a ceasefire with Iran to end the 12-day conflict.

The price of crude oil initially fell to $68 per barrel, although it has since risen slightly - $69.68 per barrel - after Iran and Israel accused each other of violating the ceasefire a few hours after it was launched.

Oil prices have risen in recent days amid concerns that Tehran could disrupt global supplies by closing the Strait of Hormuz, a key shipping route for oil and gas.

Stock markets in the United States, the United Kingdom and Europe have been steady after US President Donald Trump told Israel to stop bombing, although he also accused Iran of violating the ceasefire.

Just a few hours ago, Trump said that the ceasefire had begun to be implemented.

The current price of oil is below the level it was when Israel launched missiles against Iranian nuclear sites on June 13.

The attack caused the price of oil to rise to $81 per barrel, adding to concerns about rising prices for other essential products.

Something like this happened after Russia launched the war in Ukraine three years ago, affecting the lives of people around the globe.

The situation in the Middle East is tense due to Israel's surprise attack on Iran's nuclear and military centers.

Israel believes that Iran cannot have nuclear weapons because it threatens its existence, although Tehran claims that its nuclear program is only for peaceful purposes.

Iran has retaliated with missile attacks on Israel, and in the ongoing exchange of missiles, residents of both countries have been killed and injured. / Rel





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