Crude oil prices dropped sharply on Tuesday after U.S. President Donald Trump announced a ceasefire between Israel and Iran. The truce appears to have eased fears of another war in the Middle East, which had kept global oil markets on edge since June 13.
As of 07:00 AM (WAT) on June 24, 2025, here are the latest energy prices:
- Brent Crude: $69.29 per barrel (down 3.06%)
- WTI Crude: $66.32 per barrel (down 3.20%)
- Murban Crude: $70.34 per barrel (down 2.60%)
- Natural Gas: $3.652 per MMBtu (down 1.24%)
Ceasefire Calms Oil Market
The oil market reacted immediately after President Trump posted on Truth Social, calling the ceasefire “complete and total.” Brent crude, which had spiked above $78 last week, fell below $70 per barrel for the first time since the conflict began. WTI crude also dipped to $65.02 in early Asian trading, its lowest level since early June.
The 12-day conflict began when Israel bombed Iran’s nuclear and military facilities. Iran responded with missile strikes on U.S. bases in Qatar. Although there were explosions in Doha, key oil transport routes especially the Strait of Hormuz, which handles nearly 20% of global oil remained open.
Now, with hostilities winding down, fears of a supply cut have reduced, and traders are refocusing on actual supply-demand trends.
What Happens Next?
According to sources like Axios, the ceasefire rollout is happening in phases. Iran has reportedly stopped its strikes, and Israel is expected to follow within 24 hours. Qatar played a key role in the negotiations.
With no major damage to energy infrastructure, analysts say the geopolitical risk premium that had boosted oil prices is now disappearing. That means prices could fall further if nothing new disrupts supply.
“If this truce holds, we’ll likely see calmer oil prices for a while,” said one London-based trader.
Bigger Market Shifts Ahead?
Experts are now shifting attention to global oil supply and demand. Several analysts predict that oil inventories could rise in the second half of 2025, especially with OPEC+ planning to ease production cuts and more supply coming from the U.S. and non-OPEC producers.
As supply begins to outpace demand, prices may stay soft unless a major disruption occurs.
Quick Global Oil Updates
- Eni, the Italian oil giant, has reduced staff at its Iraqi oilfield due to earlier tensions, showing that energy companies are still cautious.
- Natural gas prices also dropped nearly 4%, as lower war risks eased fears of global supply shocks.
- Shipping traffic in the Strait of Hormuz remains steady, and no new maritime restrictions have been reported.
The global oil market has taken a deep breath. With Israel and Iran backing off—for now—crude prices are falling, and traders are returning to reality: a market that’s already heading toward oversupply.
While anything could still happen in the Middle East, especially if diplomacy breaks down, today’s outlook is calmer. For now, Nigerian consumers may not see immediate relief at the pump, but the global price dip is a step in the right direction.
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