Israel on the morning of June 24 accused Iran of violating the ceasefire announced by U.S. President Donald Trump, writes Bloomberg.

Israel said it detected rocket launches hours after the truce was announced. Israel's defense minister instructed the military to «respond decisively to Iran's disruption of the truce with powerful strikes on key targets in the heart of Tehran.»

In turn, Iranian media said that reports of a rocket attack on Israel after the ceasefire went into effect were «refuted,» Bloomberg reported.

Earlier on June 24 US President Donald Trump announced that the ceasefire between Israel and Iran had gone into effect and urged the sides not to violate it. Israeli Prime Minister Benjamin Netanyahu confirmed that Israel had agreed to the ceasefire and said his country had achieved its military objectives in Iran.

Iran has yet to publicly confirm its agreement to a ceasefire. Iran's foreign minister overnight wrote on social network X that Tehran was ready to cease fire if Israel did the same no later than 4 a.m. Tehran time. He later wrote that Iran continued to confront Israel «until the very last minute, until 4 a.m.». 

Under the terms announced by Trump on June 23, Iran must cease fire first, Israel 12 hours after that.

What's in the markets

- Brent crude futures for August delivery were down 3%. The day before, the price of oil collapsed by 7% after Iran fired strikes on a U.S. military base in Qatar in response to an attack on its nuclear facilities on June 22. Tehran's decision to bombard U.S. bases, which resulted in no casualties, was taken on Wall Street as a signal of a desire to reduce tensions. A more radical scenario involved blocking the Strait of Hormuz, through which a quarter of the world's oil trade passes;

- The spot price of gold in the morning of June 24 fell by 1.6%, to the lowest since June 11. Then gold prices partially recovered when Israel accused Iran of launching new missiles. The precious metal is now trading around $3327 per ounce - 1.2% below the previous day's closing level.

- U.S. stock index futures continued to trade in the green zone, with futures on the S&P 500 index rising 0.8%, on the Dow Jones index adding 0.7%, on the Nasdaq 100 index - 1.1%. 

- European stocks rose: the Stoxx Europe 600 composite index of major European companies was adding 1.2%, Germany's DAX was up nearly 2%, France's CAC 40 was up 1.3%. Britain's FTSE 100 stock index was up 0.3%.

For almost two weeks, financial markets were feverish due to fears of a possible escalation of the Middle East conflict. Volatility in the oil market was particularly high: fears of supply and shipping disruptions raised the price of Brent to almost $80 per barrel. By Tuesday, the benchmark had fallen to $69 - to the level where oil was traded before the escalation of the Iran-Israel conflict.

«If the cease-fire holds - and there's no guarantee it will - markets will certainly take it positively as it will at least partially reduce uncertainty,» said EFG Asset Management CEO Daniel Murray to Bloomberg. Lower oil prices would reduce inflationary pressures and «also help support consumer demand and therefore overall economic growth,» he said.

This article was AI-translated and verified by a human editor

Share