Brent crude drops over 5%

Oil drilling rigs

Oil prices declined today, June 24, after US President Donald Trump announced a ceasefire agreement between Iran and Israel, easing concerns about supply disruptions in the Middle East.

Brent crude was trading down 5% at $67.89 a barrel, at 09:27 am Makkah time. West Texas Intermediate (WTI) crude dropped 5% to $65.08 a barrel.

Israeli Prime Minister Benjamin Netanyahu announced in a statement published by his office today his approval of Trump's proposal for a ceasefire with Iran, after achieving Israel's goal of neutralizing the nuclear threat posed by Tehran, Reuters reported.

The American Petroleum Institute's report on US oil inventories is expected later today, before the official data from the US Energy Information Administration is released on June 25.