Global oil prices fell by approximately 3%, reaching their lowest levels in the last seven weeks following statements from Iran and Israel regarding the cessation of mutual attacks. This was reported by Reuters, according to UNN.
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Brent crude futures fell by $2.80, or 3%, to $91.45 per barrel. US WTI crude lost $3.10, or 3.4%, dropping to $88.20 per barrel. For Brent, this is the lowest level since April 17, and for WTI – since May 29.
Analysts attribute the price drop to easing concerns over oil supply disruptions from the Middle East following signals of de-escalation in the conflict between Iran and Israel. Ritterbusch and Associates noted that the market reacted to the prospect of a cessation of hostilities and a possible diplomatic settlement.
At the same time, US President Donald Trump claimed that Iran allegedly shot down an American helicopter in the Strait of Hormuz and threatened a response from Washington. Following these statements, prices partially recovered their losses. Despite the announced cessation of attacks, Tehran warned that it could resume hostilities if Israel continues strikes against the Hezbollah group in Lebanon.
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