Oil prices are dropping further, and U.S. stocks are pulling closer to their all-time high Tuesday on hopes that Israel’s war with Iran will not damage the global flow of crude, even if a tentative truce seemed to fray under fire in the morning.

Oil India shares tumbled nearly 5 percent to trade at Rs 448.75 apiece, while ONGC shares fell nearly 3 percent to hover around Rs 244 apiece. Mangalore Refinery and Petrochemicals (MRPL) and Chennai Petroleum Corporation shares dropped over 2 percent. This comes as Brent Crude futures were hovering around $69 per barrel.

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.