Oil price plunges over 15% and falls below $100 a barrel after Middle East ceasefire
The price of crude oil registered a sharp drop during the first operations immediately after the President of the United States, Donald Trump, announced a ceasefire agreement with Iran. Brent crude, the local benchmark, fell more than 12% in the futures market and is selling at a value of USD 95.53, far from the peak of $118.35 [...].
TL;DR
- Brent crude fell over 12% to $95.53 per barrel.
- West Texas Intermediate (WTI) futures dropped 19% to $91.55 per barrel.
- President Trump announced a reciprocal ceasefire with Iran, contingent on the full and safe opening of the Strait of Hormuz.
- The geopolitical tension had previously driven oil prices to levels not seen since 2022.
- The Strait of Hormuz is a strategic waterway through which 20% of the world's oil transits.