Brent loses all its gains: risk easing drives prices lower
Brent quotes fell to 68.95 USD per barrel, with the Middle East still steering market sentiment. Discover more in our analysis for 24 June 2025.
Brent forecast: key trading points
Brent crude erased all gains following the Middle East ceasefire
The market is correcting and monitoring external developments
Brent forecast for 24 June 2025: 67.40
Fundamental analysis
Brent prices plunged to 68.95 USD on Tuesday morning, marking a two-week low.
The drop followed Donald Trump’s announcement of a ceasefire between Israel and Iran, which eased concerns over potential oil supply disruptions from the Middle East. According to Trump, the ceasefire was to begin on Monday evening, with Iran halting strikes first, followed by Israel.
If both sides hold the truce, the conflict will officially end within 24 hours, concluding a 12-day confrontation.
The announcement came just hours after Iran fired missiles at a US base in Qatar in response to US strikes on its nuclear sites. US air defence systems intercepted the rockets, and there were no casualties. This development triggered a drop of over 7% in oil prices on Monday.
The easing of tensions also reduced fears that Iran might attempt to block the Strait of Hormuz, a critical route through which around 20% of global oil supplies flow.
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