Oil Prices Tumble Below $70 After Israel-Iran Ceasefire Deal Brokered by Trump
By Okafor Joseph
Global crude oil prices have plummeted to their lowest levels in months, with Brent Crude sliding to $69.11 per barrel and West Texas Intermediate (WTI) falling to $66.55, following a ceasefire agreement between Israel and Iran. The truce, facilitated by U.S. President Donald Trump, has significantly eased tensions in the Middle East, leading to a sharp 3% drop in global oil prices.
The de-escalation comes after a 12-day military confrontation triggered by Israeli airstrikes on Iranian nuclear and military facilities, followed by missile retaliation from Tehran. The conflict had earlier pushed oil prices higher on fears of supply disruptions in the region, which accounts for nearly a third of the world’s oil exports.
However, the situation shifted dramatically after President Trump announced that both sides had agreed to a ceasefire, set to take effect at midnight. Israeli Prime Minister Benjamin Netanyahu confirmed the agreement, declaring that Israel had achieved its strategic military objectives.
“Israel has achieved all the goals of Operation Rising Lion — and more,” Netanyahu stated. “With Iran’s nuclear and missile capabilities significantly reduced, and in coordination with President Trump, we have agreed to a mutual ceasefire.”
Despite the ceasefire, tensions remain. The Israel Defense Forces (IDF) reported that a ballistic missile was intercepted over northern Israel shortly after the truce was declared, accusing Iran of violating the agreement. Iran’s military has denied the accusation in a statement aired on state media, insisting it has adhered to the ceasefire terms.
While the missile incident has fueled fresh calls within Israel for further military action, oil market analysts maintain that the broader outlook for crude remains bearish. According to a report by Advisors Reports, anticipated oversupply in the second half of the year—driven by increased global production—may lead to larger stockpiles and further pressure on prices.
Unless demand rebounds significantly, analysts predict that crude oil will continue to trade at lower levels, especially as geopolitical risk premiums fade.
