TUE JUNE 24 2025-theGBJournal| Oil prices fell sharply on Tuesday as market reacted to two major developments in the past two days-the unexpected Israel-Iran ceasefire deal and U.S President Donald Trump’s green light to China to continue buying oil from Iran.
After dropping by $6.5 to $70 per barrel Monday on the Israel-Iran ceasefire deal, it fell sharply on Tuesday after U.S President Donald Trump said China can keep buying oil from Iran.
Also, the now-rested speculation on the closure of the Strait of Hormuz seems off the table for now, putting an end to the most volatile trading period since the summer of 2022.
The benchmark Brent traded as low as $68.38 per barrel early Tuesday after President said on his social media platform Truth Social, ”China can now continue to purchase oil from Iran. Hopefully, they will be purchasing plenty from U.S., It was my great Honor to make this happen!”
The greenlight is a total U-Turn from Trump’s May, 2025 threat to ban any country that buys Iranian oil from doing business with the U.S.
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