Brent crude oil, which is the benchmark used to price at least two-thirds of the world’s traded crude oil supplies, fell nearly 3% this Tuesday and is trading below $70, after U.S. President Donald Trump announced an alleged ceasefire between Israel and Iran.

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Although Tehran denied such claims, at 7:00 a.m. this Tuesday (5:00 GMT), Brent was down 2.73%, to $69.53, according to Bloomberg data, although during the early hours it reached a low of $68.23.

Brent had already plunged 7.18% the previous day, after Iran responded to the U.S. attack on its nuclear facilities by targeting American bases in several Middle Eastern countries.

The drop in crude prices continued this Tuesday following Trump’s announcement of a total twelve-hour ceasefire between Israel and Iran, after which—he said—the war between the two countries “will be considered over.” However, Iranian Foreign Minister Abbas Araghchi has stated that “there is no agreement on a ceasefire or cessation of military operations” with Israel, although Iran is willing to end its retaliatory attacks if the Israeli regime “ends its illegal aggression.”

The text reads: The President of the United States Donald Trump stated this afternoon that the governments of Israel and Iran have agreed to a ceasefire in the war, although neither Tel Aviv nor Tehran have commented on it so far.

Meanwhile, the main European stock markets are currently forecasting gains of around 1%, amid optimism about a possible ceasefire between Israel and Iran.

At this time, according to Bloomberg data, the EuroStoxx 50 points to a 1.4% increase, as do those of the Frankfurt Stock Exchange. The Paris Stock Exchange anticipates gains of 0.8%, while London’s are more modest, at 0.4%.

Earlier, in Asia, the main markets are celebrating the possible ceasefire, with gains exceeding 2% in the case of Hong Kong’s Hang Seng Index.

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