Baghdad: Global oil prices recorded a sharp decline at dawn on Tuesday, with US President Donald Trump announcing a full ceasefire agreement between Iran and Israel, as the price of a barrel of oil reached $65 per barrel.

According to National Iraqi News Agency, this development marks a significant moment in international diplomacy, potentially easing geopolitical tensions in the region.

The ceasefire agreement between Iran and Israel is expected to have a stabilizing effect on the Middle East, a region historically significant in global oil production. Market analysts suggest that the decrease in oil prices reflects optimism about reduced risks of conflict that could disrupt oil supplies.

This drop in oil prices could have various implications for global markets, affecting everything from transportation costs to inflation rates. Economists are closely monitoring the situation to understand how this agreement might influence economic trends in the coming months.