Oil prices plunge on ceasefire

Brent crude and U.S. benchmark WTI both saw double-digit percentage drops following the announcement that tankers may soon resume passage through the Persian Gulf.

While the news sparked a $1.5 trillion relief rally on Wall Street, analysts warn that consumer prices at the pump may take weeks to decline.

The stability of this market correction depends entirely on the successful implementation of the two-week truce.

Furthermore, reports of new Iranian tolls on shipping could offset some of the economic gains from the reopening of the route.