Crude oil prices fall sharply in global market

Singapore: After the ceasefire announcement between Iran and Israel, crude oil prices have fallen sharply in the global market.

After the ceasefire announcement between Iran and Israel, the price of Brent crude oil in the global market fell by about 9 percent to reach $70 per barrel.

According to the report, the price of WTI crude oil in the global market has decreased by 7.22 percent to $68.51 per barrel.

It is pertinent to note that a few hours ago, US President Donald Trump announced a ceasefire between Iran and Israel.

Iran has started implementing the ceasefire from 9:00am according to Pakistan time, and Israel has also opened its airspace.

In addition, US President Trump has also appealed to the parties not to violate the ceasefire.