🔹 Geopolitical Update

The Middle East conflict saw a dramatic series of developments over the past 12 hours, significantly impacting global markets:

  1. 9:00 PM (June 23) – Former U.S. President Donald Trump posted on social media:
    “Everyone, get oil prices down. I’m watching.”
  2. 12:30 AM (June 24) – Iran launched 20 missiles targeting U.S. military bases in Iraq and Qatar.
  3. 12:30 AM onward – Global crude oil prices plummeted over 7%, reversing prior gains as traders digested the implications of escalation and potential overreaction.
  4. 2:00 AM – Trump responded online, calling Iran’s retaliation “very weak” and even thanked Iran for giving advance notice about the strike.
  5. 5:00 AM – A significant turn of events: Trump announced on his platform that Israel and Iran have fully agreed to a comprehensive ceasefire.

🔸 Official Confirmation

  • U.S. Vice President J.D. Vance confirmed that he worked with Trump on Monday afternoon (U.S. Eastern Time) to broker the ceasefire deal.
  • Senior Iranian officials also confirmed that Tehran has accepted a U.S.-proposed ceasefire, mediated by Qatar.
  • Israeli military sources earlier hinted that their operations were “very close to completion.”

🔹 Steel Market Implications

While crude oil tumbled sharply, the rapid de-escalation in geopolitical tensions may provide short-term relief to global commodity markets. Steel futures are expected to remain stable or turn slightly firmer today, as the risk premium on energy costs adjusts downward and sentiment cautiously improves.

📌 Daily insights provided by LangZo Steel. For reprints, please credit LangZo Steel.