New Delhi, June 24
Oil prices fell by over 5 per cent to a two-week low in the international market on Tuesday after Israel announced that it has agreed to US President Donald Trump’s proposal for a ceasefire with Iran.
Price of the benchmark Brent crude declined by nearly $4 to $67.7 a barrel while U.S. West Texas Intermediate crude turned cheaper by $3.75 at $64.76 per barrel as concerns abated over disruption in oil supplies due to the tensions in the Middle East.
Israel has agreed to President Trump's proposal for a ceasefire with Iran after it achieved its goal of “eliminating” Tehran's nuclear and ballistic missile threat, Prime Minister Benjamin Netanyahu said in a statement on Tuesday.
President Donald Trump announced that a ceasefire between Israel and Iran is now in effect, after 12 days of deadly air attacks that triggered fears of a wider conflict engulfing the Middle East region which is a major oil exporter
Iran produces around 3.3 million barrels per day of crude oil which is 3 per cent of global supplies and exports around 1.5 mbpd with China being the main importer (80 per cent), followed by Turkey.