World oil prices plummeted after the Iran-Israeli war in a conducive condition

World oil prices experienced a significant decline after being marked by the description of geopolitical tensions in the Middle East, especially conflicts between Iran and Israel. On June 30, 2025, the price of Brent crude was recorded down 16 cents to USD 67.61 per barrel, while West Texas Intermediate (WTI) crude oil also decreased by 41 cents to USD 65.11 per barrel. This decline occurred amidst the return of more stable market conditions after the announcement of a ceasefire between the two countries.

Tensions that occurred before were triggered by Israeli attacks on Iran’s nuclear facilities on June 13. The attack sparked a rapid response from the United States, which bombarded Iran’s bombardment, lifting oil prices to exceed USD 80 per barrel. However, after President Donald Trump announced the end of the conflict, the oil price immediately plummeted. Tony Sycamore, market analyst from IG, explained that the market began to remove most of the geopolitical risk premiums that had been used as a reference in price assessment.

OPEC+ production increases

Additional pressures to oil prices also come from OPEC+ plans to increase production. The plan, this producer group will increase the production of 411,000 barrels per day in August. If this realization occurs, then it will be the fifth monthly increase in a row after production pruning was dismissed last April. Four delegates from OPEC+ confirm this step, which is expected to also affect the overall health of the oil market.

US production data shows a reduced trend

On the other hand, in the United States, the number of active oil rigs has decreased six units to 432 rigs last week, which is the lowest level since October 2021. This decline could be an indicator of the prospect of lower US oil production in the future.

Global reactions and economic implications

From a global economic perspective, this decline in oil prices can have a positive impact on countries that depend on energy imports. However, for oil-producing countries, price declines can shake budget stability that depends on income from oil exports. Even so, the oil market showed a solid closure of June, despite the price decline in the last week.

Uncertainty is still haunting

President Trump himself gave a contrasting statement, where he claimed that although the ceasefire had occurred, it did not rule out the possibility of re -escalation in the future. He described the situation of the two countries as a condition in which they were “tired” and “running out of energy.” In his press conference, Trump emphasized that he played a role as a mediator who succeeded in relieving tension, but his statement about the possibility of conflict in the future left space for uncertainty.

Long -term perspective

In the future, OPEC+ is scheduled to hold a meeting on July 6 to discuss further their production plan. This will be a major concern for market participants and analysts who try to understand the trend of oil prices in the future. The new ceasefire between Iran and Israel adds to complex dynamics in the oil market, where every government decision will greatly affect global prices and stability.

With all these factors, market participants will remain vigilant to monitor developments that occur in the Middle East region and decisions taken by OPEC+. The current price decline may only be a temporary phase if the tension is heating up again, so this geopolitical situation must remain intensely monitored.