Beijing : Brent crude futures fell $2.08, or 2.9 percent, to $69.40 a barrel, after earlier falling more than 4 percent and touching their lowest level since June 11.
U.S. West Texas Intermediate crude fell $2.03, or 3.0 percent, to $66.48 a barrel, after falling 6 percent to its lowest level since June 9 earlier in the session.

Trump announced late on Monday that Israel and Iran had fully agreed to a ceasefire. If both sides adhere to the agreed-upon timelines, the war will officially end within 24 hours, bringing the 12-day conflict to a close.

“If both sides adhere to the ceasefire as announced, investors may expect oil prices to return to normal,” said Priyanka Sachdeva, senior market analyst at Philip Nova.
Iran is OPEC’s third-largest crude oil producer, and de-escalation will allow it to export more oil and prevent supply disruptions, a major factor in the rise in oil prices in recent days.
Oil prices fell more than 7 percent at settlement in the previous session, after rising to their highest levels in five months following the US attack on Iranian nuclear facilities earlier this week, which raised fears of a widening conflict between Israel and Iran.