Trump announced US will assist in relieving tanker traffic buildup in Strait of Hormuz after a ceasefire agreement with Iran.
The ceasefire, mediated by Pakistan, includes a two‑week suspension of US attacks and coordination with Iranian military for safe passage.
Brent crude futures fell below $100 per barrel, while equity markets in Asia, Europe and US futures rose on the news.
Analysts say price direction depends on durability of the agreement, with volatility expected during ongoing negotiations.