Crude oil prices crashed after US President Donald Trump announced he would hold off on his threat of attacks on Iran for two weeks and Iran agreed to temporarily reopen the Strait of Hormuz as part of a two-week ceasefire deal with the US and Israel.
West Texas Intermediate (WTI) oil prices fell as much as 19%, its biggest intraday decline since 2020, to near $91 a barrel, while Brent crude oil prices closed at around $109.
Safe passage through the strait will be possible via coordination with Iran’s armed forces and with “due consideration of technical limitations,” Iranian Foreign Minister Abbas Araghchi said in a post on X.
