Diesel prices drop following Israel-Iran ceasefire agreement

Oil prices fell by nearly 5% on Tuesday after Israel agreed to a ceasefire with Iran, bringing an end to the 12-day conflict.

The price of crude oil initially dropped to $68 per barrel, although it later rebounded slightly to $69.68 per barrel, as both Iran and Israel accused each other of violating the ceasefire just hours after it began.

Oil prices had surged in recent days amid concerns that Tehran might disrupt global supplies by potentially closing the Strait of Hormuz, a key maritime route for the transportation of oil and gas.

Stock markets in the United States, the United Kingdom, and Europe remained stable, following U.S. President Donald Trump’s call for Israel to halt its bombing, although he also accused Iran of ceasefire violations.

Just a few hours earlier, Trump had confirmed that the ceasefire was officially in effect.

The current oil price now sits below the level it reached when Israel launched missile strikes on Iranian nuclear sites on June 13.

That attack had pushed oil prices as high as $81 per barrel, fueling concerns about further increases in the prices of essential goods.

A similar situation occurred three years ago when Russia launched its war in Ukraine, which had a global impact on people’s everyday lives.

Tensions in the Middle East escalated following Israel’s surprise attack on Iran’s nuclear and military facilities.

Israel maintains that Iran must not possess nuclear weapons, arguing that it threatens its very existence, while Tehran insists its nuclear program is strictly for peaceful purposes.

Iran retaliated with rocket attacks on Israel, and the exchange of missile fire has resulted in casualties and injuries on both sides.

“KORÇA BOOM”