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Oil tumbles below $100 after Trump announces two-week ceasefire
Crude prices dropped after the ceasefire eased fears that shipping through the Strait of Hormuz would be disrupted, while Asian and European stocks rallied.
- 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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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.
·Washington, United States
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Texas intermediate oil (WTI) fell to $94.41 a barrel, on the first day of the U.S.-Iran ceasefire.
Coverage Details
Total News Sources340
Leaning Left52Leaning Right42Center88Last UpdatedBias Distribution48% Center
Bias Distribution
- 48% of the sources are Center
48% Center
L 29%
C 48%
R 23%
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