NEW YORK: Oil prices tumbled 6% on Tuesday, hitting two-week lows as hopes for a sustained ceasefire between Israel and Iran eased concerns over potential supply disruptions in the Middle East.
Brent crude futures dropped \$4.34, or 6.1%, to close at \$67.14 per barrel—its lowest since June 10. Meanwhile, US West Texas Intermediate (WTI) crude slipped \$4.14, or 6.0%, settling at \$64.37 per barrel, marking its weakest level since June 5.
The market reacted to news of the ceasefire, despite US President Donald Trump warning that both Israel and Iran had already violated the fragile truce just hours after its announcement.
The recent slide reverses gains triggered by Israel’s June 13 surprise strike on key Iranian military and nuclear facilities, which had initially raised fears of regional escalation and potential oil supply shocks.
