Oil prices plunge on ceasefire

The announcement of a two-week ceasefire between the U.S. and Iran triggered a massive relief rally on Wall Street and a sharp decline in oil futures.

Brent crude saw its largest single-day drop in years as traders bet on the restoration of shipping through the Strait of Hormuz.

Despite the market optimism, energy experts caution that the physical damage to refineries and ports in the Persian Gulf will take months to repair.

Consequently, retail fuel prices are expected to remain elevated in the near term as supply chains slowly recover from the war's disruptions.