Pakistan, June 24 -- Following the announcement of a ceasefire between Iran and Israel, global oil markets saw a major drop in crude prices. Brent crude fell nearly 9%, bringing the price down to $70 per barrel. The sudden decline reflects market optimism that tensions in the Middle East may ease for now.

Meanwhile, West Texas Intermediate (WTI) crude also saw a significant drop. Its price fell by 7.22%, now trading at $68.51 per barrel. Market experts believe this sharp decrease is a direct result of the ceasefire news and reduced fears of supply disruptions.

Just hours earlier, US President Donald Trump confirmed the start of a ceasefire between Iran and Israel. He stated that both countries have agreed to stop military actions and th...