Türkiye to benefit as Israel-Iran ceasefire drives down energy prices
Oil price drop expected to ease inflation and improve current account amid ongoing global volatility
ANKARA, Türkiye (MNTV) — The recent ceasefire between Israel and Iran has led to a sharp decline in global energy prices, a development that could provide critical relief to Türkiye’s inflationary pressures and current account deficit.
Following nearly two weeks of mutual strikes, the ceasefire announcement brought immediate market reaction, Anadolu Agency quoted a market expert as saying.
Brent crude oil, which had surged to $77.12 per barrel during the hostilities, dropped to around $67 per barrel after the agreement was declared.
Murat Yulek, rector of Ostim Technical University, said the decline in oil prices presents a significant opportunity for energy-importing nations like Türkiye, which rely heavily on imported fuel and have struggled with inflation.
“This drop in oil prices is particularly beneficial for Türkiye given its economic structure and ongoing efforts to control inflation,” Yulek said.
He explained that the recent instability in energy markets had been driven by fears of a possible disruption in oil supply through the Strait of Hormuz — a key maritime passage through which a substantial portion of global oil exports flow.
“The Strait of Hormuz has been the biggest factor behind recent oil price volatility,” Yulek noted. “Although shippers are exploring alternatives, the strait remains critical in the near term.”
Yulek added that this latest market turbulence came on the heels of broader global uncertainties, including the prolonged war in Ukraine and earlier trade disruptions under the U.S. President Donald Trump’s administration.
“Israeli strikes raised serious concerns about oil transport through Hormuz, which sent prices upward,” he said. “Now, hopes of a durable ceasefire and regional stability are putting downward pressure on energy costs — a welcome shift for Türkiye’s economy.”
The truce was announced on Monday by Trump after 12 days of aerial exchanges between Israel and Iran, easing tensions in a region that remains vital to the global energy supply chain.
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