Crude oil prices plunge massively below $100/barrel after Trump announces ceasefire

Oil prices plunged beneath $100 successful aboriginal Asian trading connected Wednesday aft President Trump announced a conditional two-week ceasefire statement with Iran.

At the clip of filing this study connected Wednesday morning, West Texas Intermediate had dropped by 14.44% to commercialized astatine $96.64, portion Brent Crude had fallen to $95, down 12.97% the erstwhile day.

The melodramatic selloff came connected the backmost of Trump committing to a two-week suspension of subject operations against Iran if the state instantly restores harmless transition done the Strait of Hormuz.

“This volition beryllium a double-sided CEASEFIRE!” Trump said connected societal media, marking a crisp reversal from his earlier informing that “a full civilization volition dice tonight” if Iran failed to comply with U.S. demands.

Earlier, DAILY POST reported that Iran’s Foreign Minister, Abbas Araqchi, confirmed that Tehran would halt attacks provided strikes against Iran cease and transit done the Strait is coordinated by Iranian forces.

The driblet successful crude prices aft its earlier deed the rooftop to implicit $105 per tube a...