Oil is falling so much it’s now cheaper than it was before the Iran-Israel conflict

Oil prices fell sharply Tuesday, returning to levels last seen before the Iran-Israel conflict, as investors cheered news of a ceasefire, albeit fragile, between the two countries.

Brent crude, the global oil benchmark, fell 6.1% to $67.14 a barrel. West Texas Intermediate crude, the US oil benchmark, fell 6% to $64.37 a barrel.

These levels are broadly comparable to the closing prices in the days before Israel launched an unprecedented attack on Iranian nuclear facilities on June 13.

That assault triggered a 12-day conflict that has led both sides to fire a barrage of missiles into the other’s territory, as well as direct military involvement by Israel’s biggest ally, the United States.

President Donald Trump announced the ceasefire late Monday, though hours later Israel accused Iran of violating the terms. Iran denied the allegations. Trump on Tuesday morning flashed intense anger as the ceasefire seemed to grow fragile. The ceasefire appeared to hold as of Tuesday afternoon.

US stocks closed in the green. The Dow closed higher by 507 points, or 1.19%. The S&P 500 gained 1.11%, while the tech-heavy Nasdaq Composite rose 1.43%.

President Donald Trump announced the ceasefire late Monday, though hours later Israel accused Iran of violating the terms. Iran denied the allegations. Trump on Tuesday morning flashed intense anger as the ceasefire seemed to grow fragile. The ceasefire appeared to hold as of Tuesday afternoon.

US stocks closed in the green. The Dow closed higher by 507 points, or 1.19%. The S&P 500 gained 1.11%, while the tech-heavy Nasdaq Composite rose 1.43%.