U.S. crude futures fell on Tuesday to their lowest level in more than a week as U.S. President Donald Trump said a ceasefire has been agreed between Iran and Israel, relieving worries of supply disruption in the area.

U.S. West Texas Intermediate crude fell $3.05, or 4.45%, to $65.46 per barrel as of 1026 GMT, after hitting its lowest level since June 11 earlier in the session.

The contract settled over 7% lower in the previous session.

Trump announced that Israel and Iran have fully agreed to a complete ceasefire, adding that Iran will begin the ceasefire immediately, followed by Israel after 12 hours. If both sides maintain peace, the war will officially end after 24 hours, concluding a 12-day conflict.