New Delhi, June 24 -- Crude oil prices are now expected to remain around USD 65 per barrel after US President Donald Trump announced a ceasefire between Iran and Israel, bringing relief to global markets.

According to a recent report by SBI, the price of oil depends heavily on Iran's response to the recent tensions in the Middle East. The report laid out three possible scenarios, each with a different price impact.

Now, with the ceasefire announced, the third scenario of 'ceasefire with Israel' has come into effect, and crude oil prices are likely to stabilise around USD 65.

The report stated, "Different scenarios being built along the Iran-Israel conflict seem a little far-fetched, especially a worst-case scenario, on oil's trajectory...