Dhaka, June 24 (V7N) — Global oil prices have fallen to their lowest level in a week following US President Donald Trump's announcement of a ceasefire between Iran and Israel, Reuters reported on Tuesday.

According to the report, the price of Brent crude oil dropped 4 percent to $68 per barrel, continuing from a 7 percent decline in Monday's trading. With this, oil prices have fallen below the levels seen on June 12, the day Israel launched its first attack on Iran.

In response to the easing geopolitical tensions, Asian stock markets are showing positive trends. Major indices in Japan, South Korea, and Australia posted gains during early trading hours.

President Trump announced the ceasefire agreement via his social media platform Truth Social, calling it a "complete and comprehensive ceasefire" between the two countries.

However, no official confirmation of the ceasefire has yet come from either Israel or Iran.

The global energy market continues to monitor developments closely, with the Strait of Hormuz—an essential route for global oil supply—still under security watch.

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