Oil Prices Plunge Over 15% After Trump‑Iran Ceasefire

U.S. President Donald Trump announced a two‑week Iran ceasefire, prompting oil prices to plunge over 15% in Asian trading.
WTI crude futures fell 18% to $92.61 per barrel, down from Tuesday’s $112.41 settlement.
The cease‑fire hinges on Iran reopening the Strait of Hormuz, which carries about 20% of global oil shipments.
Pakistan mediated the last‑minute diplomatic breakthrough, averting further escalation.