Oil prices tumbled by nearly 5% on Tuesday after Israel agreed to a ceasefire with Iran after nearly two weeks of conflict.
Brent crude, the international benchmark for oil prices, initially fell to $68 a barrel though it then recovered some ground after Iran and Israel accused each other of violating the ceasefire within hours.
Prices had spiked in recent days as concerns grew that Tehran could disrupt global supplies by blockading the Strait of Hormuz, a key shipping route for oil and gas.
Stock markets in the US, the UK and Europe rose and held steady after US President Donald Trump told Israel on social media not to drop bombs after it accused Iran of breaching the ceasefire.
Just hours earlier, Trump had declared the ceasefire was "now in effect", after which Israel confirmed that it had agreed to the move.
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