Baghdad: Oil prices fell to their lowest levels in more than a week on Tuesday, after US President Donald Trump announced a ceasefire agreement between Iran and Israel, easing fears of supply disruptions in the major oil-producing Middle East. Brent crude futures fell $2.08, or 2.9%, to $69.40 a barrel, after earlier declining more than 4% and touching their lowest level since June 11. US West Texas Intermediate crude fell $2.03, or 3.0%, to $66.48 a barrel, after falling 6% to its lowest level since June 9 earlier in the session.

According to National Iraqi News Agency, oil prices fell more than 7% at settlement in the previous session, after rising to their highest levels in five months following the US attack on Iranian nuclear facilities earlier this week, which raised fears of an escalation in the Israeli-Iranian conflict.