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 sank 3.5 percent Tuesday after Israel said it had agreed to US President Donald Trump's proposal for a bilateral ceasefire with Iran. At around 0830 GMT on Tuesday, Brent was down 3.5 percent at $69.