Oil prices took a sharp dive today, retreating to levels not seen since before the most recent Iran-Israel conflict. The price dive comes as investors are reacting positively to the news of a fragile ceasefire between the two countries.
Today, Brent crude, the global oil benchmark, dropped 4.3% to $68.44 a barrel, while West Texas Intermediate crude, the US oil benchmark, also fell 4.3% to $65.55 a barrel.
The prices are largely similar to the closing prices before Israel launched its first attack on Iran on June 13.
This week, President Trump announced a ceasefire between the nations, but hours later, Israel accused Iran of violating the terms and vowed to launch fresh strikes on Tehran, prompting President Trump to warn Israel not to strike Iran again.
Markets are set to listen in as Federal Reserve Chair Jerome Powell testifies before Congress today, with experts warning that the fragile Middle East truce could unravel at any moment, impacting global markets.
Today, U.S. stock futures were up, with the Dow poised to open 262 points, or 0.6%, higher. S&P 500 futures rose 0.7%, while Nasdaq futures gained 1%.
By CEO NA Editorial Staff
