Oil prices tumble below $70 after Israel-Iran ceasefire

OIL prices dropped below $70 a barrel following US President Donald Trump's announcement of a ceasefire agreement between Israel and Iran.

- RAKESH KUMAR @ New Delhi

Global oil benchmark Brent Crude—which had surged more than 13% after the escalation between the two countries—was trading at $67.89 a barrel, while WTI (West Texas Intermediate) was at $65.05 a barrel as of 8:18 IST.

The 12-day-long conflict appeared to come to an end after Trump declared the ceasefire on Truth Social, describing it as "complete and total." He stated that Iran would begin the ceasefire, followed by Israel twelve hours later, with a formal end to the conflict marked after 24 hours. "During each ceasefire phase, the other side will remain peaceful and respectful," he added.

However, Iran denied that any agreement had been reached, though it indicated a pause in military operations.