Brent crude futures fall by more than 5%

Oil prices fell during Tuesday's trading session after U.S. President Donald Trump announced a ceasefire agreement between Iran and Israel, easing concerns about potential supply disruptions in the Middle East.

Brent crude futures for August delivery declined by 5%, or $3.59, to $67.89 at 9:27 a.m. Mecca time, after hitting a low of $67.86.

U.S. West Texas Intermediate (WTI) crude futures for August delivery also dropped by 5%, or $3.43, to $65.08, after touching $64.38.

Israeli Prime Minister Benjamin Netanyahu announced in a statement released by his office today that Israel has agreed to Trump’s proposal for a ceasefire with Iran, after achieving its objective of neutralizing the nuclear threat posed by Tehran, according to Reuters.

Traders are now awaiting the American Petroleum Institute (API) report on U.S. oil inventories later today, ahead of the official data from the U.S. Energy Information Administration (EIA) expected tomorrow, Wednesday