LONDON: Oil prices extended losses on Tuesday to hit a two-week low on what the market viewed as lower risk of supply disruptions in the Middle East, though US President Donald Trump accused both Israel and Iran of violating a ceasefire he helped to broker.
Brent crude futures were down $3.52, or 4.92 percent, at $67.96 a barrel by 4:22 p.m. Saudi time. US West Texas Intermediate crude fell $3.42, also 4.99 percent, to $65.09.
Both contracts lost as much as 5 percent in early trade after Trump announced a ceasefire agreement between Israel and Iran.
Trump accused both countries of violating the ceasefire hours after he announced it, expressing particular frustration with Israel.
“I didn’t like the fact that Israel unloaded right after we made the deal. They didn’t have to unload and I didn’t like the fact that the retaliation was very strong,” Trump told reporters on Tuesday.
