US EditionOil tumbles below $100 after Trump announces two-week ceasefire
Brent crude fell more than 14% as traders priced in a resumption of oil flows through the strait, easing supply fears.
- 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.
245 Articles
245 Articles
Oil prices in the London market today are hovering around $95, reflecting investor relief after the announcement of a two-week ceasefire between the US and Iran and after clearer outlines of a plan to normalize transit through the Strait of Hormuz. In London, a barrel of oil traded $14.71 cheaper than the previous day's closing price, while in the US market the price fell $17.32, trading at $95.63. US-Iran ceasefire, Kusari-Lila: Oil price stabi…
Dow soars 1,000 points, oil plunges below $95 as Trump announces two-week Iran cease-fire
US stocks surged Wednesday morning as oil plunged below $95 after President Trump said he had agreed to a two-week ceasefire with Iran — paving the way to reopen the Strait of Hormuz.
Oil will once again flow through the Strait of Hormuz after the US and Iran agreed to a ceasefire in the war in the Middle East. The new development has immediately affected oil prices, which plunged 15 percent on Wednesday. ...
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