US EditionOil Is Falling so Much It’s Now Cheaper than It Was Before the Iran-Israel Conflict
- On Tuesday, Israel and Iran agreed to a full ceasefire, bringing an end to more than a week of hostilities in the Middle East.
- The ceasefire followed U.S. attacks on Iran's nuclear facilities over the prior weekend, which had raised fears of a wider conflict.
- The ceasefire announcement eased concerns about supply disruptions through the Strait of Hormuz, a vital oil shipping route, leading to a sharp fall in oil prices.
- Oil contracts settled over 7% lower, with Brent crude falling to $68 a barrel and U.S. West Texas Intermediate crude hitting $65.46, its weakest since June 9.
- The ceasefire suggests relief for global oil markets and inflation pressures, potentially giving the Federal Reserve more policy leeway amid weaker U.S. consumer confidence.
127 Articles
127 Articles
Oil prices decline again amid Middle East conflict
Oil prices have dropped again amid the escalation between Iran and Israel following President Trump's ceasefire announcement. Also, Federal Reserve Chair Jerome Powell testified on Capitol Hill. CBS News MoneyWatch correspondent Kelly O'Grady has the latest.
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Oil slides, stocks rise as Iran-Israel ceasefire holds
Oil prices sank and stock markets rose Tuesday as a ceasefire between Iran and Israel appeared to be taking hold after US President Donald Trump berated both countries for violating the truce.
Oil prices fell sharply on Tuesday, returning to levels seen before the conflict between Israel and Iran, as investors celebrated the news of a ceasefire, albeit fragile, between the two countries.
Oil prices drop amid Gaza cease-fire agreement, increased OPEC production
Qatari Prime Minister and Foreign Minister Mohammed bin Abdulrahman Al-Thani confirms cease-fire agreement during press conference in Doha, which is set to take effect on Sunday - Anadolu Agency
Oil prices fell sharply on Tuesday, reaching levels they were at before the Iran-Israel conflict, as the announcement of a ceasefire between the warring countries pushed prices lower.
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