Oil’s Slippery Slope: Trump’s Not Pumped About Israel-Iran Ceasefire Drama
Markets Bet on De-escalation Despite Fragile Middle East Ceasefire

Oil prices are taking a nosedive today, with Brent crude (BZ=F) sliding 4.78% and West Texas Intermediate (CL=F) dropping 4.80%, as markets shrug off lingering tensions in the Middle East. Despite a shaky ceasefire between Israel and Iran, brokered by U.S. President Donald Trump, investors seem more optimistic about de-escalation than concerned about disruptions to global oil supplies. Trump, however, isn’t thrilled, bluntly stating both nations violated the truce, with a particular jab at Israel for dropping “a load of bombs the likes of which I’ve never seen” right after the agreement.
The ceasefire, announced late Monday, was meant to halt a 12-day conflict that saw Israel launch surprise strikes on Iranian nuclear facilities on June 13, followed by Iranian missile retaliations, including a limited attack on a U.S. base in Qatar. Trump’s frustration boiled over as he accused both sides of breaching the deal, with Israel claiming Iran fired missiles post-ceasefire—allegations Iran denies. Israeli Defense Minister Israel Katz ordered retaliatory strikes on a Tehran radar site, but Trump’s firm call to Prime Minister Benjamin Netanyahu reportedly scaled back further action, with Israeli planes turning back in a symbolic “plane wave” gesture.
Andy Lipow, president of Lipow Oil Associates, joined Morning Brief to unpack the market’s reaction. “The sell-off started yesterday when Iran’s missile strike on Qatar was limited, signaling a symbolic move rather than a real threat to close the Strait of Hormuz,” Lipow explained. The Strait, through which 20 million barrels of oil—over a fifth of global supply—pass daily, remains open, easing fears of a supply crunch. This optimism drove Brent crude to $71.48 a barrel, down 7.2%, and U.S. crude to $68.51, its biggest single-day drop since April.
