Oil Prices Fall After Israel, Iran Ceasefire
(MENAFN) Oil prices plunged more than 12 percent last week, ending a three-week surge. Market experts anticipate they will level off close to the USD60 mark soon, provided a delicate ceasefire between Israel and Iran holds steady.
Brent crude rose to USD77.81 per barrel on June 23, following US airstrikes on Iranian nuclear sites, briefly reaching a five-month high.
However, prices sharply declined by 8.5 percent in a single trading day, settling at USD69.48, after Iran’s retaliatory attack on a US base in Qatar was considered limited in scale. This drop represented Brent’s largest daily fall since July 2022.
The downward trend gained momentum after June 24, when news of a ceasefire between Iran and Israel heightened hopes for uninterrupted oil transportation through the Strait of Hormuz—a crucial passage handling about 20 million barrels of crude and petroleum products daily.
By the week ending June 27, Brent crude had declined 12.6 percent to USD66.33 per barrel, marking its most significant weekly decrease since March 2023.
Despite the recent fluctuations, analysts predict that oil prices will stabilize near USD60 in the near future, as geopolitical risk premiums diminish and fundamental supply and demand factors regain influence.
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