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Ceasefire Call Between Israel and Iran Drives Brent Oil Below $70 and Spurs European Stocks

The US president’s declaration of halted hostilities helped deflate crude costs and pushed the Ibex 35 past 14,000 as traders assess next risks.

Overview

  • Brent crude plunged about 4% to roughly $68 per barrel after President Donald Trump announced a ceasefire on June 24.
  • Spain’s Ibex 35 climbed above 14,000 points and other European bourses gained ground on hopes of reduced Middle East tensions.
  • Iran later disputed the truce announcement and its parliament recommended closing the Strait of Hormuz, stoking fresh supply concerns.
  • The Organización de Consumidores y Usuarios reported diesel prices up 2.2% to €1.388 per litre and gasoline up 1.4% to €1.477 in Spain.
  • President Trump urged US oil producers to keep prices low, reinforcing efforts to prevent renewed surges in energy costs.