Oil prices plunge after Trump announces Iran ceasefire
Photo: Oil prices plummeted following Trump's announcement of a ceasefire with Iran (Getty Images)
Oil prices fell below $100 a barrel after US President Donald Trump announced a two-week ceasefire with Iran, according to Axios.
Crude oil prices plummeted below $100 per barrel after Trump stated that the US had agreed to a two-week ceasefire with Iran.
The agency notes that this is the largest single-day drop in oil prices since the 1991 Gulf War.
In particular, Brent crude futures fell by about 16% to around $93 per barrel.
At the same time, this is still significantly higher than the level of about $73 per barrel recorded before the war began in late February.
WTI, the US benchmark, fell to about $96 per barrel, a drop of approximately 14%.
Trump announced a two-week ceasefire with Iran
US President Donald Trump stated that he had agreed to a two-week ceasefire with Iran. The plan is to finalize the agreement during this period.
He explained that the reason for the agreement is that the US has already fulfilled and exceeded all military objectives and has made progress toward a final agreement on long-term peace with Iran and peace in the Middle East.
The US leader also made it clear that Washington will play its part in the Strait of Hormuz.
According to him, there will be many positive developments and a lot of money will be made.
