Big Drop In Oil Prices After Trump Announces 2-Week Ceasefire With Iran
Brent crude fell sharply to $95.068 per barrel (from $109.77) on Wednesday after US President Donald Trump announced a two-week pause in strikes on Iran. US West Texas Intermediate (WTI) crude also fell by nearly $20 per barrel after the announcement. Follow Live Updates
The pause is linked to the immediate reopening of the Strait of Hormuz, a narrow waterway through which nearly one-fifth of the world's oil and gas moves every day.
Markets reacted within minutes -- oil fell, bonds rose, and US stocks jumped. Investors see the ceasefire as a sign that oil supplies may start flowing normally again after weeks of disruption.
