Oil is falling so much it’s now cheaper than it was before the Iran-Israel conflict
CNN
Oil prices fell sharply Tuesday, returning to levels seen before the Iran-Israel conflict, as investors cheered news of a ceasefire, albeit fragile, between the two countries.
Oil prices fell sharply Tuesday, returning to levels last seen before the Iran-Israel conflict, as investors cheered news of a ceasefire, albeit fragile, between the two countries. Brent crude, the global oil benchmark, was trading 4.3% lower on the day early Tuesday morning ET at $68.44 a barrel, while West Texas Intermediate crude, the US oil benchmark, was also trading 4.3% down at $65.55 a barrel. These levels are broadly comparable to the closing prices before Israel launched an unprecedented attack on Iranian nuclear facilities on June 13. That assault triggered a 12-day conflict that has led both sides to fire a barrage of missiles into the other’s territory, as well as direct military involvement by Israel’s biggest ally, the United States. US President Donald Trump announced the ceasefire late Monday ET, though hours later Israel accused Iran of violating the terms and vowed to launch fresh strikes on Tehran. Iran denied the allegations. US stock futures were in the green. The Dow was on track to open 262 points, or 0.6%, higher. S&P 500 futures were 0.7% higher, while futures in the tech-heavy Nasdaq rose 1%.
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