Oil prices crash 15% on Iran ceasefire deal

Oil prices crash 15% on Iran ceasefire deal
Oil prices plummeted dramatically following President Trump's announcement of a two-week ceasefire agreement with Iran. Brent crude fell to $94.43 per barrel while WTI dropped to $96.82, marking a significant decline from previous levels. The ceasefire is contingent on Iran safely reopening the Strait of Hormuz, a critical global shipping route. This development averts potential military escalation in the region that had threatened energy supplies. Market analysts view the agreement as positive for global economic stability and consumer energy costs. The price decline reflects reduced geopolitical tensions and lower risk premiums in crude markets.