Falling energy prices following the Israel-Iran ceasefire are expected to ease inflation and support Türkiye’s economy, an expert told Anadolu on Wednesday.
The ceasefire, announced after nearly two weeks of mutual strikes, has already driven down oil prices and eased market volatility across commodities, including natural gas, gold and even cryptocurrencies.
Brent crude oil, which rose as high as $77.12 per barrel during the conflict, dropped to $67 after the ceasefire was declared.
Murat Yulek, rector of Ostim Technical University, said oil-importing countries like Türkiye stand to benefit as energy prices stabilize.
“This decline in oil prices is a significant development for oil-importing countries like Türkiye due to its current account deficit and fight against inflation,” he said.
Yulek noted that geopolitical tensions, including the risk of closing the Strait of Hormuz, had fueled price fluctuations in recent months. The waterway is a critical route for global oil shipments.
“The possible closure of the Strait of Hormuz had the most impact on oil prices in recent times,” he said. “Shippers are seeking to find alternative routes but the Strait of Hormuz poses a great importance in the short term due to a large portion of the world’s oil production being exported by this waterway.”
The recent volatility follows months of market uncertainty linked to the Russia-Ukraine war and earlier trade restrictions imposed by US President Donald Trump, Yulek added.
“Israel’s attacks posed great risks to the Strait of Hormuz, which immediately affected oil prices — we don’t know how long this will continue but expectations of a permanent ceasefire and peace will continue to positively impact oil prices, which in turn, is an important development for the Turkish economy,” he said.
After 12 days of aerial combat between the two regional arch-foes, Trump on Monday announced a ceasefire between Israel and Iran to end their conflict.
By Serhat Tutak and Emir Yildirim
Anadolu Agency
energy@aa.com.tr