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Global crude oil prices plunged for a second straight session on Tuesday, 24 June 2025, as the newly announced ceasefire between Israel and Iran significantly eased fears of a supply disruption in the Middle East. Market sentiment turned decisively bearish, sending international benchmarks down by another 6%.

Brent crude futures settled $4.34 lower, or 6.1%, at $67.14 a barrel.

WTI crude also tumbled $4.14, or 6.0%, to $64.37 a barrel.

The two-day rout has erased nearly $10 per barrel from Brent, as the rapid de-escalation between the two regional adversaries reassured investors that crude flows from the Persian Gulf remain uninterrupted. Iranian oil exports have even surged in recent weeks.

Traders also pointed to broader structural shifts in global energy dynamics. The United States, once heavily dependent on Middle Eastern oil, has dramatically reduced its reliance on the region thanks to the domestic shale revolution. As a result, geopolitical flare-ups in the Gulf now have a more muted effect on global pricing than in previous decades.

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