Global Energy Prices Decline After Israel, Iran Ceasefire
(MENAFN) Global energy costs declined on Tuesday, dropping beneath levels recorded prior to Israel's military campaign against Iran.
This downturn followed US President Donald Trump's declaration of a "ceasefire" between the two nations.
Rates for Brent crude oil and European natural gas have shown instability since Israel initiated its offensive on June 13.
On June 12, the day before Israel's strike, Brent crude oil—recognized as the global standard—closed at USD69.65 per barrel.
The value surged to USD76.31 on June 13 due to fears over supply disruptions, but later receded as the immediate impact diminished, closing the day at USD73.67.
Over the subsequent days, prices continued to fluctuate.
Despite the continuation of regional tensions, Brent crude ended June 16 at USD72.13, as there was no confirmed harm to vital energy assets and signs emerged from Tehran hinting at a possible return to "nuclear negotiations."
On June 17, the benchmark oil price recovered to USD75.69 following Trump's appeal for a "evacuation" of Iran’s capital city, "Tehran."
By June 18, prices ascended to USD76.13 amid increasing concerns regarding threats to secure supply channels and vital oil routes in the region, before moderating to USD75.12 by market close.
One week into the confrontation, Brent crude reached USD77.52 but ultimately ended slightly lower at USD77.32 on June 19.
On June 20, the last trading session of the week, prices concluded at USD75.91.
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