Oil prices fall after Trump announces two-week ceasefire

Oil prices dropped on Wednesday after U.S. President Donald Trump announced that a two-week ceasefire had been agreed with Iran, on the condition that the Strait of Hormuz is immediately and safely reopened.

The price of Brent crude fell by around 14% to approximately $94 per barrel. U.S. crude also declined by more than 15%, dropping to $95.75.

However, oil prices remain above levels seen before the conflict began on February 28, when crude was trading at around $70 per barrel.

Source: BBC News