Oil (WTI) Prices Drop 16.5% After Trump-Iran Ceasefire Announcement

Oil prices have decreased nearly 16.5%, settling at $93.80 per barrel, following President Donald Trump's announcement of a conditional two-week ceasefire with Iran. This ceasefire hinges on the safe passage of vessels through the Strait of Hormuz. Despite the drop, prices are still elevated compared to levels before the conflict began on February 28. The disruptions to energy supplies from the Middle East, prompted by Iranian threats, have significantly influenced market dynamics.