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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.

Archivo - Dos paneles del IBEX 35 en el Palacio de la Bolsa de Madrid, a 4 de abril de 2025, en Madrid (España).
Valores del Ibex 35 en el Palacio de la Bolsa de Madrid.
Un coche repostando en una gasolinera de València, este lunes.
Pozo petrolífero.

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.