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Oil prices extended losses to a two-week low as the market judged Middle East supply disruption risk to be lower after the Israel-Iran ceasefire. Brent fell 4.92% to $67.96 and WTI fell 4.99% to $65.09, although Trump accused both sides of violating the truce.
Lower perceived risk to Strait of Hormuz flows reduces the energy risk premium in crude, which weakens biofuel and diesel cost support for oilseed and grain prices. Ceasefire fragility could still bring renewed volatility.
arabnews.comReuters, Arab NewsJun 24, 2025After 255 past bearish geopolitics events, Crude Oil (WTI) moved a median -2.4% over 5 sessions (31% higher; middle half -7.0% to +1.7%), and -5.0% over 20.
After 250 past bearish geopolitics events, Crude Oil (Brent) moved a median -3.1% over 5 sessions (36% higher; middle half -7.9% to +1.6%), and -5.5% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
Brent fell 4.9% to $67.96 on lower supply-risk after the ceasefire, extending the losses.
Brent fell about 5% to a two-week low on June 24 as supply disruption risk receded after the ceasefire.
