Oil prices drop 6pc

NEW YORK: Oil prices fell 6% on Tuesday to settle at a two-week low, on expectations the ceasefire between Israel and Iran will reduce the risk of oil supply disruptions in the Middle East.

The ceasefire was on shaky ground with US President Donald Trump accusing both Israel and Iran of violating it just hours after it was announced.

Brent crude futures fell $4.34, or 6.1%, to settle at $67.14 a barrel. US West Texas Intermediate (WTI) crude fell $4.14, or 6.0%, to settle at $64.37.

Settlement was the lowest for Brent since June 10 and WTI since June 5, both before Israel launched a surprise attack on key Iranian military and nuclear facilities on June 13.