Brent crude oil dropped to $93 a barrel after Trump ceasefire announcement and Iran’s pledge to reopen strait of Hormuz under its management
Oil prices plunged by almost 15% after Donald Trump held off on his threat to bomb Iran into the stone ages on Tuesday night, and Iran’s foreign minister said passage through the strait of Hormuz would be allowed for the next two weeks under the management of its military.
With just over an hour until his deadline was due to pass, the US president said he was holding off on threatened attacks on Iran, subject to Tehran agreeing to a two-week ceasefire and reopening of the strait of Hormuz.
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