Oil price drops, shares jump as Trump announces Israel-Iran ceasefire
6/24/2025 1:52:47 PM
Stocks rallied on Tuesday after US President Trump said that a "complete and total ceasefire" between Iran and Israel would take effect in the coming hours.
Iran’s foreign minister denied that an official ceasefire agreement had been reached, but noted that Tehran would not continue its attacks as long as Israel halted its “aggression”. At the time of writing, Israel had yet to comment.
The truce, which Trump is labelling the end of the “12-day war”, came after Iran attacked a US base in Qatar on Monday, retaliating against the US bombing of its nuclear sites over the weekend.
In response to Tuesday’s development, oil prices dropped as fears over a blockage to the Strait of Hormuz subsided.
Iran’s foreign minister denied that an official ceasefire agreement had been reached, but noted that Tehran would not continue its attacks as long as Israel halted its “aggression”. At the time of writing, Israel had yet to comment.
The truce, which Trump is labelling the end of the “12-day war”, came after Iran attacked a US base in Qatar on Monday, retaliating against the US bombing of its nuclear sites over the weekend.
In response to Tuesday’s development, oil prices dropped as fears over a blockage to the Strait of Hormuz subsided.