Oil and gas prices tumble following Israel-Iran ceasefire

Tuesday's drop in prices after weekend spike is all down to the news Israel agreed to US president Donald Trump's proposal for a ceasefire with Iran, trader says

Oil prices were down over 5%. 

Oil prices hit their lowest in two weeks on Tuesday after Israel agreed to the US president Donald Trump's proposal for a ceasefire with Iran.

Brent crude futures were down $3.82, or 5.3%, at $67.66 (€58.77) a barrel on Tuesday morning GMT. US West Texas Intermediate crude fell $3.75, or 5.5%, to $64.76 per barrel.