Oil prices plunge on US-Iran ceasefire deal to reopen Strait of Hormuz
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Global oil prices have fallen sharply after the US and Iran agreed to a conditional two-week ceasefire deal, reopening the Strait of Hormuz waterway. The price of benchmark Brent crude fell by about 13% to $94.80 a barrel, while US-traded oil was more than 15% lower at $95.75.
A US-Iran ceasefire deal has led to a sharp drop in global oil prices. The deal includes the reopening of the Strait of Hormuz, a key waterway. Oil prices remain higher than before the conflict started. The cost of energy jumped due to disrupted oil and gas supplies from the Middle East. Major stock indexes in Asia rose after the deal was announced. The ceasefire is conditional and set to last for two weeks.
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