Oil Prices Plunge After Iran Ceasefire Announcement
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Global crude oil prices plunged sharply after US President Donald Trump announced a two-week ceasefire with Iran, including a pledge to restore navigation through the Strait of Hormuz. The international benchmark Brent crude futures shed nearly 16 per cent, while US WTI crude declined almost 20 per cent, following the announcement.
Global crude oil prices dropped sharply on April 8. The decline came after US President Donald Trump announced a two-week ceasefire with Iran. The ceasefire includes a pledge to restore navigation through the Strait of Hormuz. The strait is a critical waterway for global oil supply chains. Oil prices had surged in recent weeks due to fears of a disruption in shipments. The ceasefire has eased these concerns, leading to a decline in oil prices. The international benchmark Brent crude futures and US WTI crude both saw significant declines.
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