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, fell to $68 a barrel, which is below the level it was at when Israel launched missiles against Iran's nuclear sites on 13 June.
Prices had spiked in recent days as concerns grew that Iran could disrupt global supplies by blockading the Strait of Hormuz, a key shipping route for oil and gas.
Stock markets in the UK, Europe and Asia rose as US President Donald Trump declared the ceasefire "is now in effect", after which Israel confirmed that it had agreed to the move.
Oil prices have soared to as much as $81 a barrel since the missile strikes began, stoking fears that the cost of living could increase as petrol, diesel and business expenses grew.
