Oil prices such as United States Brent Oil Fund (NYSE:BNO) and the United States Oil Fund (NYSE:USO) are trading lower Tuesday. The selloff follows news that a tentative ceasefire between Israel and Iran may be in effect, reducing immediate concerns over further military escalation in the oil-rich Middle East region.
What To Know: President Donald Trump announced the ceasefire on Truth Social, claiming that both sides had agreed to a phased halt in hostilities. Iran's foreign ministry pushed back against the assertion but indicated it would stop operations if Israel ceased its attacks. Despite mixed signals, markets responded positively to the prospect of reduced conflict, with Brent crude dropping over 12% from its recent peak.
