Oil prices recovered a little on Wednesday after slumping earlier this week, as investors assessed the stability of a ceasefire between Iran and Israel, while support also came from data that showed U.

Oil prices tumbled by nearly 5% on Tuesday after Israel agreed to a ceasefire with Iran after nearly two weeks of conflict. Brent crude, the international benchmark for oil prices, fell to $68 a barrel, which is below the level it was at when Israel launched missiles against Iran's nuclear sites on 13 June.

Oil prices are expected to fall further if the ceasefire between Iran and Israel holds, according to experts. Things took a dramatic turn on Tuesday after US President Donald Trump announced a ceasefire and expressed his desire to maintain the flow of oil from Iran.