SINGAPORE: Oil prices hit their lowest in two weeks on Tuesday after Israel agreed to US President Donald Trump’s proposal for a ceasefire with Iran, alleviating worries of supply disruptions in the Middle East — a major oil-producing region. Brent crude futures were down $2.42, or 3.39 percent, at $69.06 a barrel at 12:20 p.m. Saudi time. US West Texas Intermediate crude fell $2.32, or 3.39 percent, to $66.19 per barrel.

The rise in prices came after President Trump said he had \

Crude has dropped by more than 5% with prices now below the level when Israel first launched its attack.