U.S. Oil Price Falls 15% to $95.63 Amid Iran Ceasefire Agreement

AI Summary

U.S. crude oil prices fell approximately 15% to $95.63 per barrel following President Donald Trump's announcement of a two-week ceasefire with Iran in exchange for safe passage through the Strait of Hormuz. This drop in price is significant as the Strait is responsible for about 20% of global oil supplies. The ceasefire comes as Trump indicated that Iran's agreement on a 10-point proposal could set the stage for further negotiations. Market analysts warn that continued disruptions could lead to global fuel shortages if the Strait does not reopen fully.