Oil Prices Drop Below Pre-War Levels Following Israel-Iran Ceasefire
(MENAFN) Global energy prices dropped sharply on Tuesday, falling below levels seen before Israel launched its assault on Iran, after U.S. President Donald Trump announced a ceasefire between the two nations.
Since Israel initiated its offensive on June 13, Brent crude oil and European natural gas prices have seen dramatic swings.
On June 12, the day before the conflict began, Brent crude—the global oil benchmark—closed at $69.65 per barrel. The following day, prices spiked to $76.31 amid fears of supply disruptions, but later stabilized to $73.67 as market shock subsided.
Volatility persisted in the days that followed. Despite the ongoing conflict, Brent crude settled at $72.13 on June 16, influenced by the absence of reported damage to key energy infrastructure and signals from Tehran suggesting a possible return to nuclear talks.
The benchmark rebounded to $75.69 on June 17 after Trump ordered evacuations from Iran’s capital, Tehran.
Prices climbed again on June 18, reaching $76.13 as traders reacted to continued threats to oil supply routes and regional stability. The market then eased to $75.12.
By June 19, one week into the hostilities, Brent crude surged to $77.52 before ending the session marginally lower at $77.32. The final trading day of the week, June 20, saw prices settle at $75.91.
A temporary peak was hit on June 23 when Brent crude tested a five-month high of $77.81, following U.S. airstrikes on three Iranian nuclear facilities. However, the rally was short-lived.
Prices tumbled 8.5% to $69.48 after Iran's retaliatory strikes on U.S. bases in Iraq and Qatar resulted in no casualties or serious damage.
After Trump announced the ceasefire, Brent crude plummeted to $66.86 per barrel on Tuesday, shedding 3.8% from the previous close. That price also represents a drop of roughly 4% compared to the pre-conflict closing level of $69.65 on June 12.
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