Oil Prices Have Collapsed

Prices fall after Trump's announcement.

Oil prices fell sharply after US President Donald Trump announced that a truce had been reached between Iran and Israel. This eased fears of supply disruptions from the Middle East, a key oil-producing region.

This was reported by Reuters.

Brent futures fell by 2.9% to $69.40 per barrel. Earlier, quotes fell more than 4%, hitting their lowest since June 11. WTI fell in price by 3.0% to $66.50, the lowest level since June 9.

Trump said Iran starts a truce immediately, and Israel - after 12 hours. If the sides abide by the terms, the conflict will officially end in 24 hours. The truce was the finale of a 12-day standoff.

"If the agreements are implemented, the oil market could return to normal," said analyst Priyanka Sachdeva at Phillip Nova.

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