U.S. President Donald Trump announced a two‑week cease‑fire with Iran, ending imminent military escalation and prompting market reaction.
West Texas Intermediate futures plunged 18% to $92.61 per barrel, down from $112.41 the previous day, a >15% fall in Asian trading.
The cease‑fire is tied to Iran’s commitment to safely reopen the Strait of Hormuz, which carries about 20% of global oil flows.
Pakistan mediated the last‑minute agreement, and the Strait had been effectively shut for weeks, fueling earlier oil price spikes.