Crude oil prices took a sharp fall after US President Donald Trump announced a tentative ceasefire agreement between Israel and Iran.
Gatekeepers News reports that brent crude futures dropped to $68.12 per barrel, a 3.40% decrease from Monday’s $71 per barrel, while US West Texas Intermediate fell by 2.76% to $66.62 per barrel.
According to Trump, the ceasefire would be “total and complete,” with Iran starting the ceasefire and Israel joining 12 hours later.
“Officially, Iran will start the ceasefire and, upon the 12th hour, Israel will start the ceasefire and, upon the 24th hour, an official end to the 12-day war will be saluted by the world,” Trump wrote on Truth Social.
However, the ceasefire has hit a snag, with Israel launching new strikes at Iran, accusing it of breaking the peace agreement, which Iran denies. Trump expressed frustration with both sides, particularly Israel, for violating the ceasefire.
“Israel, as soon as we made the deal, they came out and they dropped a load of bombs, the likes of which I’ve never seen before,” Trump said.
He also posted on Truth Social, “ISRAEL. DO NOT DROP THOSE BOMBS. IF YOU DO, IT IS A MAJOR VIOLATION. BRING YOUR PILOTS HOME, NOW!”.
