Brent crude oil fell to $ 68.18, WTI fell to $ 65.16 amidst the decline of Israeli-Iranian ceasefire

Brent representatives fell 15.67% to $ 68.18 per barrel on Tuesday, June 24, 2025, from the highest five months $ 81.40 on the previous day, while the West Texas intermediary (WTI) fell to $ 65.16 (14.5% fell after peaking at $ 77.58 on Sunday.

This follows a setback on the ceasefire in the US is between Israel and Iran.

The price of crude oil continues to decline sharply because it makes it easier for tension in the Middle East to reduce geopolitical risk premiums, following the US B-2 bomber attacks led by the US nuclear facilities in Fordow, Natanz, and Esfahan.

However, the tension was revived after Israel accused Iran of launching a ballistic missile towards northern Israel, violating the ceasefire agreement.

The reported incident has triggered calls that developed in the ruling coalition and opposition in Israel for immediate and strong retaliation that targets the assets of the Iranian regime in Tehran.

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In contrast, the General Staff of the Iranian Armed Forces in a statement released on Tuesday through state media rejected the claim that he launched a missile attack after a ceasefire.

This is contrary to the statement of the Israeli Defense Forces (IDF), which confirmed that ballistic missiles were intercepted in North Israel in the early morning after the announcement of a ceasefire.

Analyzing the market even in the midst of violations of the ceasefire, a gathering advisor report that the broader prospects of crude oil refer to the increase in demand beyond demand in the second half of this year, which can cause a buildup in global inventory and put further pressure on prices.

According to the latest data from the International Energy Agency (IEA) and other leading estimates, global oil supply is expected to exceed demand in the second half of 2025.

Supply is projected to grow around 1.8 million barrels per day (MB/D) in 2025, reaching around 104.9 MB/day, mostly driven by an increase in output from non-OPEC+ producers such as the US, Brazil, and Canada.

By: Babajide Okeowo