Brent crude futures for June delivery fell 14.55%, or $15.9, to $93.37 a barrel
Oil prices plunged sharply in early Wednesday trading after the United States and Iran announced a temporary ceasefire agreement and the reopening of the Strait of Hormuz. 
Brent crude futures for June delivery fell 14.55%, or $15.9, to $93.37 a barrel as of 03:15 Makkah time.
US West Texas Intermediate (WTI) crude futures for May delivery dropped 14.65%, or $16.55, to $96.4 a barrel.
The move followed US President Donald Trump announcing his approval of a two-week ceasefire with Iran, conditional on reopening the Strait of Hormuz and ensuring the security of maritime navigation.
Trump said the United States had achieved all of its military objectives, adding that he had received a 10-point proposal from Iran that he viewed as a practical basis for negotiations, particularly after nearly all previous points of contention had been resolved.
Iranian Foreign Minister Abbas Araghchi said in a statement on behalf of the Supreme National Security Council that allowing safe passage through the Strait of Hormuz for two weeks would be possible in coordination with the country’s armed forces.
Brent crude futures for June delivery fell 14.55%, or $15.9, to $93.37 a barrel
Oil prices plunged sharply in early Wednesday trading after the United States and Iran announced a temporary ceasefire agreement and the reopening of the Strait of Hormuz.
Brent crude futures for June delivery fell 14.55%, or $15.9, to $93.37 a barrel as of 03:15 Makkah time.
US West Texas Intermediate (WTI) crude futures for May delivery dropped 14.65%, or $16.55, to $96.4 a barrel.
The move followed US President Donald Trump announcing his approval of a two-week ceasefire with Iran, conditional on reopening the Strait of Hormuz and ensuring the security of maritime navigation.
Trump said the United States had achieved all of its military objectives, adding that he had received a 10-point proposal from Iran that he viewed as a practical basis for negotiations, particularly after nearly all previous points of contention had been resolved.
Iranian Foreign Minister Abbas Araghchi said in a statement on behalf of the Supreme National Security Council that allowing safe passage through the Strait of Hormuz for two weeks would be possible in coordination with the country’s armed forces.
