After the announcement of a ceasefire between Iran and Israel, the price of Brent crude oil fell by about 9% in the global market, after which the price of Brent crude oil fell to $70 per barrel.

According to the reports, the price of WTI crude oil in the world market has decreased by 7.22% to $68.51 per barrel. This plunge in oil prices will definitely affect the local market by lowering the rates of petroleum products.

Also Read: Donald Trump announces ceasefire between Israel and Iran

It is worth noting that a few hours ago; US President Donald Trump announced a ceasefire between Iran and Israel in his social media post.

Iran has begun implementing the ceasefire at 9 am according to Pakistan time, and Israel has also opened its airspace.

In addition, US President Trump has also appealed to the both countries to not to violate the ceasefire.