Dhaka, June 24 -- Oil prices dropped sharply by nearly 5% on Tuesday following the announcement that Israel had agreed to a ceasefire with Iran.

Brent crude, the international benchmark for oil prices, fell to $68 per barrel, a decrease that brought it below the levels seen before Israel launched missile strikes on Iran's nuclear sites on June 13, reports BBC.

In recent days, oil prices had surged amid concerns that Iran might disrupt global oil supplies by blockading the Strait of Hormuz, a crucial shipping route for oil and gas.

The announcement of the ceasefire sent stock markets in the UK, Europe, and Asia rising.

US President Donald Trump confirmed that the ceasefire was "now in effect," which was later corroborated by Israel's c...