Oil Plunges After Two-Week Ceasefire Announcement
Oil prices dropped sharply after Donald Trump announced a pause in large-scale US bombardment of Iran and declared a two-week ceasefire in the US-Iran conflict.
In a post on Truth Social, Trump said, “I have agreed to suspend the bombing and attacks on Iran for a period of two weeks.” In a statement on Tuesday night, he added, “This will be a mutual CEASEFIRE! This is because we have already achieved, and even exceeded, all of our military objectives, and have made significant progress toward a long-term, definitive peace agreement with Iran and peace in the Middle East.”
Following the announcement, Brent crude oil futures fell by more than 16 percent to $90.78 per barrel. West Texas Intermediate crude futures also dropped 16 percent, trading just above $94 per barrel.
Global markets reacted positively, with S&P 500 and Nasdaq 100 futures rising by around 2 percent, while Dow Jones Industrial Average futures surged by more than 900 points.
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