US EditionOil tumbles below $100 after Trump announces two-week ceasefire
- On Wednesday, US President Donald Trump announced a two-week ceasefire with Iran, contingent on the immediate reopening of the Strait of Hormuz. Oil prices plunged, with Brent crude falling 14% to $93.8 a barrel.
- Iran had effectively blockaded the strait in response to US and Israeli strikes, cutting off 20% of global oil supplies. Before the truce, Trump threatened to "obliterate" Iranian power plants if the waterway remained closed.
- Iranian Foreign Minister Seyed Abbas Araghchi confirmed coordination with Iran's armed forces will manage safe passage through the strait. Trump stated he received a "workable" 10-point proposal from Tehran as the basis for negotiations.
- Global stock markets rallied sharply on Wednesday, with Asian indexes rising more than 5%. However, analysts caution the truce is only two weeks long and supply chain disruptions will persist for months.
- Negotiations are slated to begin in Pakistan on Friday, led by Prime Minister Shehbaz Sharif, to seek a permanent peace. Experts warn that even with a deal, markets may price in heightened risk to the Strait for years.
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353 Articles
Oil prices plummet after Trump announces ceasefire * WorldNetDaily * by Benjamin Roberts, Daily Caller News Foundation
Source link Oil prices fell well below $100 after President Trump announced a ceasefire in the Iran War on Tuesday evening. The global pricing benchmark Brent crude dropped from $111 to $91 as markets opened on Wednesday. The United States domestic oil blend, West Texas Intermediate, fell by nearly 20% to trading at $92. Brent prices
Al-Monitor
Crude rises, stocks fall on fears over nascent Iran ceasefire
Oil prices climbed and stocks fell Thursday on fears over the nascent US-Iran ceasefire after Tehran threatened to resume hostilities after Israel launched a major bombardment of Lebanon.Equity markets across the globe soared and crude plunged Wednesday after US President Donald Trump announced the two-week halt in the war, and the Islamic republic said it would reopen the Strait of Hormuz as peace talks took place.
Texas intermediate oil (WTI) fell to $94.41 a barrel, on the first day of the U.S.-Iran ceasefire.
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