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Israel agreed to Trump's ceasefire proposal, and oil prices fell to a two-week low.
On June 24, Jin10 data reported that oil prices fell to their lowest point in two weeks after Israel agreed to Trump's proposal for a ceasefire with Iran. The ceasefire between Israel and Iran alleviated concerns about disruptions in Middle Eastern oil supply. Phillip Nova senior market analyst Priyanka Sachdeva stated: "If the ceasefire protocol is adhered to as announced, investors may expect oil prices to return to normal. Looking ahead, the extent to which Israel and Iran comply with the recently announced ceasefire conditions will play a crucial role in determining oil prices." IG analyst Tony Sycamore indicated that with the news of the ceasefire, the risk premium formed in crude oil prices last week still exists but has almost disappeared. Sycamore also noted that technically, the overnight sell-off reinforced the resistance range between approximately $78.40 (the high from October 2024 to June 2025) and $80.77 (the high so far this year). Clearly, for crude oil to break through this resistance range, extremely unexpected and adverse conditions must occur on the supply side of crude oil.