Oil Plunges as Iran Reopens Hormuz Under Two-Week Truce
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Oil prices have plummeted after the US and Iran agreed to a two-week ceasefire, with Iran reopening the Strait of Hormuz for safe passage. The temporary truce has led to a significant decrease in oil prices, with US crude benchmark West Texas Intermediate falling 16.56% to $96.39 per barrel.
The US and Iran have agreed to a two-week ceasefire. Iran will allow ships to pass safely through the Strait of Hormuz, reopening a key route for global oil trade. The ceasefire was confirmed by Iranian Foreign Minister Abbas Araghchi and the Supreme National Security Council. Talks are set to begin in Islamabad on Friday. Oil prices have fallen sharply, with US crude down 16.56% and Brent crude down 15.89%. The market relief follows a dramatic announcement by US President Donald Trump.
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