WASHINGTON (dpa-AFX) - Crude oil tumbled on Tuesday as the Israel-Iran conflict cooled down after an announcement by the US President of a ceasefire between the warring nations.
WTI Crude Oil closed down by $4.14 to settle at $64.37 per barrel.
August Brent Crude was last seen trading, down by $4.19 to $67.29.
Israel's 'Operation Rising Lion' attacks on Iran which began on June 12th turned into a serious conflict with the US joining Israel by bombing three key nuclear sites in Iran last weekend. Oil prices rallied to five-month highs after these attacks and then declined. The losses extended even today.
Despite openly vowing to respond strongly to the attacks, Iran could manage to target only a US air base in Qatar.
As investors awaited the next moves from Iran, US President Donald Trump announced that Israel and Iran have agreed to a ceasefire. Trump also posted on his social media platform Truth Social that China can continue to purchase oil from Iran.
This news gave oil and energy traders a relief from fears of supply-side disruption and lifted stock markets, pushing down the US dollar, gold and oil prices.
Especially, the threat to the Strait of Hormuz in Persian Gulf through which around 20% of the global oil shipment transits, now stands abated.
The US Energy Information Administration is scheduled to release the inventory data on Wednesday which could give more clarity on the global oil supply/demand.
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