Oil prices fall after Trump announces ceasefire

TL;DR

International crude oil prices fell after US President Donald Trump announced a conditional two-week ceasefire with Iran.
The decision is linked to the reopening of the Strait of Hormuz, through which approximately 20% of the world's oil transits.
The US cited achieving major military objectives against Iran as the reason for the ceasefire, but warned of resuming operations if the Strait is not reopened.
The Strait of Hormuz is critical for the global economy, with about 20 million barrels of crude oil passing through daily.
The previous blockage of the Strait had driven up fuel prices in the US, a sensitive issue for the Trump administration ahead of midterm elections.

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