Oil prices plunged after President Donald Trump agreed to a two-week ceasefire with Iran, which includes the reopening of the Strait of Hormuz waterway.
Oil dropped roughly 14%, falling below $100 to $94 for a barrel of benchmark Brent crude, marking one of the largest daily drops.
However, oil prices remain higher than before the conflict started on 28 February.
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Oil prices plunge on ceasefire
- Oil prices plummet amid Trump-Iran ceasefire deal The Hill —
- Dow futures soar nearly 1,300 points, oil tumbles on Iran ceasefire CBS News —
- $1.5 trillion relief rally erupts on Wall Street after Trump hits pause on Iran strikes Fortune —
- Oil Tumbles Below $100 as U.S.-Iran Cease-Fire Agreement Calms Markets Wall Street Journal —
- Wall Street, global markets surge after US-Iran ceasefire sends oil prices below $100 a barrel ABC News —