Oil prices drop below $100 following Donald Trump’s ceasefire announcement.
A sharp drop exceeding 13% reflects how quickly markets react to easing geopolitical tensions.
Oil prices fell below $100 per barrel after Donald Trump announced approval of a two-week ceasefire with Iran, easing geopolitical tensions in the market.
Brent crude dropped by $14.84, or 13.6%, to settle at $94.43 per barrel.
Meanwhile, West Texas Intermediate declined by $16.13, or 14.3%, reaching $96.82 per barrel.
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