Oil prices have dropped sharply after Donald Trump declared a ceasefire between Israel and Iran had been agreed, easing fears over supply disruption.
BP and other oil firms had evacuated staff at oilfields close to Iran on Monday over fears the conflict in the region could escalate.
Oil tankers also turned away from the Strait of Hormuz - one of the world's most important shipping lanes - due to concerns Iran may block the route in response to America's bombing of its nuclear sites.
But in the wake of Trump's announcement that a "complete and total ceasefire" had been agreed and that it was "time for peace", brent crude fell to around $68 having neared $80 in recent days.
The Times reports other markets also reacted to the announcement, with the stock market rising while gold and the dollar weakened.
It had been feared that oil prices could soar as high as $150 a barrel if Iran closed off the Strait, through which a fifth of global oil supplies are transported.
Iran responded to the US bombings with a "very weak" attack on an American base in Qatar, which Trump suggested had "gotten it all out of their system".
Posting on social media, the US president added: "CONGRATULATIONS WORLD, IT’S TIME FOR PEACE!"