{"id":14573,"date":"2025-06-24T07:33:51","date_gmt":"2025-06-24T07:33:51","guid":{"rendered":"https:\/\/roydadnaft.ir\/English\/?p=14573"},"modified":"2025-06-24T07:33:51","modified_gmt":"2025-06-24T07:33:51","slug":"brent-crude-oil-price-fell-to-67-66","status":"publish","type":"post","link":"https:\/\/roydadnaft.ir\/English\/14573\/","title":{"rendered":"Brent crude oil price fell to $67.66"},"content":{"rendered":"

RoydadNaft – <\/a><\/span>\u00a0Oil prices hit their lowest in two weeks on Tuesday after Israel agreed to U.S. President Donald Trump’s proposal for a ceasefire with Iran, alleviating worries of supply disruptions in the Middle East – a major oil-producing region.<\/p>\n

Brent crude futures were down $3.82, or 5.3%, at $67.66 a barrel at 0645 GMT. U.S. West Texas Intermediate crude fell $3.75, or 5.5%, to $64.76 per barrel.<\/p>\n

Israel has agreed to Trump’s proposal for a ceasefire with Iran after it achieved its goal of removing Tehran’s nuclear and ballistic missile threat, Prime Minister Benjamin Netanyahu said in a statement posted by his office on Tuesday.<\/p>\n

Trump had announced on Monday that Israel and Iran have fully agreed to a ceasefire, adding that Iran will begin the ceasefire immediately, followed by Israel after 12 hours. If both sides maintain peace, the war will officially end after 24 hours, concluding a 12-day conflict.
\n“If the ceasefire is followed as announced, investors might expect the return to normalcy in oil,” said Priyanka Sachdeva, senior market analyst at Phillip Nova.<\/p>\n

“Moving forward, the extent to which Israel and Iran adhere to the recently announced ceasefire conditions will play a significant role in determining oil prices,” Sachdeva said.<\/p>\n

Trump said that a “complete and total” ceasefire will go into force with a view to ending the conflict between the two nations.<\/p>\n

“With the ceasefire news we are now seeing a continuation of the risk premium built into crude oil price last week all but evaporate,” said Tony Sycamore, analyst at IG.<\/p>\n

Iran is OPEC’s third-largest crude producer, and the easing of tensions would allow it to export more oil and prevent supply disruptions, a major factor in oil prices jumping in recent days.<\/p>\n

Both the oil contracts settled over 7% lower in the previous session after rallying to five-month highs after the U.S. attacked Iran’s nuclear facilities over the weekend, stoking fears of a broadening in the Israel-Iran conflict.<\/p>\n

The direct U.S. involvement in the war had also focused investor squarely on the Strait of Hormuz, a narrow and vital waterway between Iran and Oman in the Mideast Gulf through which between 18 and 19 million barrels per day of crude oil and fuels flow, nearly a fifth of the world’s consumption.<\/p>\n

Concerns were growing that any disruption to maritime activity through the strait would catapult prices, possibly into three-digit territory.<\/p>\n

For now, however, traders were catching their breath from the recent oil price spike.<\/p>\n

“Technically, the overnight sell-off reinforces a layer of resistance between approximately $78.40 (October 2024 and June 2025 highs) and $80.77 (the year-to-date high), and it’s clear that it will take something extremely unexpected and detrimental to supply for crude oil to break through this layer of resistance,” Sycamore added.<\/p>\n

Updated on