Middle East Tensions Ease, Boosting Stocks and Crypto, Plunging Oil Prices
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Oil prices fell sharply on June 23 due to a possible ceasefire between Iran and Israel. As of the close of the day, the price of light crude oil futures for August delivery on the New York Mercantile Exchange fell by $5.33 to $68.51 per barrel, a drop of 7.22%; the price of London Brent crude oil futures for August delivery fell by $5.53 to $71.48 per barrel, a drop of 7.18%.
In the early trading of the Asian market on the 24th, oil prices continued to plunge, and WTI crude oil fell by more than 6% during the session. As of the time of writing, WTI crude oil was trading around $66, and Brent crude oil was below $70.
In the early trading of Asia on June 24, Japanese and Korean stock markets both rose, with the Nikkei 225 index opening up 1.1% and the Korea Composite Index up 1.6%. In addition, US stock index futures also rebounded. As of writing, Nasdaq futures were up 0.77%, Dow futures were up 0.48%, and S&P 500 futures were up 0.55%.
In addition, risk assets crypto, collectively surged. Bitcoin rose 5% to around $106,000 after plunging to $98,000 (a six-week low) on Sunday. Top altcoins rebounded alongside Bitcoin, with Ethereum, XRP, and Solana (SOL) up 9%, 7%, and 10%, respectively.
Late Monday, multiple cryptocurrency categories also reacted positively to the update. The meme sector rose 9% following President Trump's statement, with Dogecoin (DOGE), Shiba Inu (SHIB), and PEPE up 9%, 10%, and 12%, respectively.
Crypto markets extended their upward trend in early Asian trading on Tuesday, but gains narrowed. As of writing, Bitcoin was up 1.34% and trading above $105,000. XRP and Trumpcoin rose more than 3%, while Ethereum and Solana rose more than 2%.
Source: TradingView
However, there is still uncertainty in the conflict between Iran and Israel.
Earlier, US President Trump said that Israel and Iran had agreed to a comprehensive ceasefire. However, Iranian Foreign Minister Abbas Araghchi posted on social media early Tuesday that no ceasefire agreement had been reached. He added that as long as the Israeli regime stops its illegal aggression against the Iranian people before 4 a.m. Tehran time, Iran does not intend to continue to take counterattacks afterwards.
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