Crude oil prices plummeted, falling below $100 a barrel after US President Donald Trump announced that Washington had agreed to a two-week ceasefire with Iran. This was reported by Axios, according to UNN.
Details
According to the publication, this is the largest one-day drop in oil prices since the 1991 Persian Gulf War.
The global price of Brent crude futures fell by approximately 16% to about $93 per barrel. ... The price of US WTI crude oil decreased by approximately 19% to about $92 per barrel
The authors indicate that the closure of the Strait of Hormuz, which handles about a quarter of the world's seaborne oil trade, has led to the largest disruptions in the history of the oil market.
Context
US President Donald Trump agreed to suspend bombing and attacks on Iran for 2 weeks, provided the Islamic Republic agrees to the full, immediate, and safe opening of the Strait of Hormuz.
Iran and Israel, following the US, agreed to a two-week truce. The first round of direct talks between the US and Iran is scheduled for April 10 in the Pakistani capital, Islamabad.
Recall
Earlier, oil prices continued to rise, as US President Donald Trump intensified his rhetoric against Iran, threatening tougher measures if the country did not open the Strait of Hormuz, a key transit point for oil in the world.
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