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| Oil prices drop as Israel agrees to ceasefire with Iran | Oil prices drop as Israel agrees to ceasefire with Iran |
| (32 minutes later) | |
| Oil prices tumbled by nearly 5% on Tuesday after Israel agreed to a ceasefire with Iran after nearly two weeks of conflict. | Oil prices tumbled by nearly 5% on Tuesday after Israel agreed to a ceasefire with Iran after nearly two weeks of conflict. |
| Brent crude, the international benchmark for oil prices, fell to $68 a barrel, which is below the level it was at when Israel launched missiles against Iran's nuclear sites on 13 June. | Brent crude, the international benchmark for oil prices, fell to $68 a barrel, which is below the level it was at when Israel launched missiles against Iran's nuclear sites on 13 June. |
| Prices had spiked in recent days as concerns grew that Iran could disrupt global supplies by blockading the Strait of Hormuz, a key shipping route for oil and gas. | Prices had spiked in recent days as concerns grew that Iran could disrupt global supplies by blockading the Strait of Hormuz, a key shipping route for oil and gas. |
| Stock markets in Asia rose as US President Donald Trump declared the ceasefire "is now in effect", after which Israel confirmed that it had agreed to the move. | Stock markets in Asia rose as US President Donald Trump declared the ceasefire "is now in effect", after which Israel confirmed that it had agreed to the move. |
| Oil prices have soared to as much as $81 a barrel since the missile strikes began, stoking fears that the cost of living could increase as petrol, diesel and business expenses grew. | Oil prices have soared to as much as $81 a barrel since the missile strikes began, stoking fears that the cost of living could increase as petrol, diesel and business expenses grew. |
| "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. | "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. |
| But she added that "the extent to which Israel and Iran adhere to the recently announced ceasefire conditions will play a significant role in determining oil prices". | |
| Japan's Nikkei share index rose by 1.1% while Hong Kong's Hang Seng increased by 2.1%. | Japan's Nikkei share index rose by 1.1% while Hong Kong's Hang Seng increased by 2.1%. |