Oil prices fall afta Israel agree to Iran ceasefire
Oil prices fall by nearly 5% on Tuesday, 24 June afta Israel agree to di ceasefire wit Iran afta nearly two weeks of fight-fight.
Brent crude, di international benchmark for oil prices, bin initially drop to $68 a barrel, den e recover some ground afta Iran and Israel accuse each oda of violating di ceasefire within hours.
Prices bin go up recently, as concerns grow say Tehran fit disrupt global supplies by blocking di Strait of Hormuz, one key shipping route for oil and gas.
Stock markets for di US, UK and Europe rise and hold steady afta US President Donald Trump tell Israel on social media say make dem no drop bombs afta dem accuse Iran of breaching di ceasefire.
Oil prices bin go up to as high as $81 one barrel since di missile strikes start. Di conflict bin ginger fears say di cost of living fit increase as petrol, diesel and business expenses rise.
Crude currently dey sell at $69.67, just below di level e dey wen Israel launch missiles against Iran nuclear sites on 13 June.
"If dem follow di ceasefire as announced, investors fit expect di return to normalcy in oil," Priyanka Sachdeva, senior market analyst for Phillip Nova tok.
But she add say "di extent to which Israel and Iran obey di recently announced ceasefire conditions go play a major role to determine oil prices".
Di fall in prices narrow as Israel claim say Iran violate di ceasefire afta dem accuse Tehran of launching a missile strike.
Stock markets for di US bin open higher. Di S&P 500 plus Dow Jones Industrial Average bin dey ahead by nearly 0.9% while di Nasdaq rise by more dan 1%.
For Europe, UK FTSE 100 index for UK bin go up 0.4%, while Germany Dax increase by 1.7%. For Asia, Japan Nikkei share index close up 1.1%.
Di Middle East conflict don push global energy prices higher, wey if dem sustain go get knock-on effect on energy bills and petrol prices.
Wholesale UK gas prices drop by 12.5% on Tuesday, 24 June afta e spike higher. Qatar na major supplier of liquefied natural gas, ande dem dey transport am through di Strait of Hormuz.
On Monday, Iran launch missiles at one US military base for Qatar in response to American strikes against Iran nuclear sites.
Di recent rises in oil prices don lead to fears all ova di word say increased energy costs fit make everything - from petrol and food to holidays - more expensive around di world, including in the UK.
Dis na wetin happun afta Russia invade Ukraine three years ago, wey affect pipo lives around di globe.
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