Oil prices plunged ~15% after President Trump announced a two‑week Iran ceasefire and US assistance to clear Hormuz traffic.
Brent June futures fell to $94.34/barrel (low $91.11) and WTI dropped to $95.91/barrel (low $91.70) by early trade.
The ceasefire, mediated by Pakistan, aims to reopen the Strait of Hormuz, which carries about 20% of global oil flows.
Prior to the announcement oil had surged to multi‑month highs amid fears of US strikes disrupting Middle East supply routes.