WASHINGTON (dpa-AFX) - Oil prices plunged to their lowest levels in more than a week on Tuesday as easing geopolitical tensions lowered risk premiums.
Brent crude futures tumbled 3.6 percent to $67.99 a barrel in European trade, after having fallen more than 8 percent in the previous session.
WTI crude futures were down 3.6 percent at $66.06 in the absence of immediate disruption to global oil supply.
After surging to five-month highs recently on concerns over a broader regional war, oil prices now trade below pre-Iran-Israel conflict levels.
The ceasefire agreement between Israel and Iran announced by U.S. President Donald Trump has removed the immediate threat to the vital Strait of Hormuz shipping lane.
The ceasefire announcement came after an apparent intensification of hostilities, with Iran on Monday carrying out retaliatory missile strikes at the U.S. Al Udeid Air Base in Qatar.
Analysts say the extent to which Israel and Iran adhere to the ceasefire conditions will play a significant role in determining oil prices in coming weeks.
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