Oil drops below $100 following ceasefire announcement

Oil drops below $100 following ceasefire announcement Oil prices have fallen sharply after Donald Trump announced a two-week ceasefire with Iran tied to reopening the Strait of Hormuz. Brent crude dropped $15.02, or 13.8 percent, to $94.25 a barrel, while US benchmark WTI fell $17.43, or 15.4 percent, to $95.52. European diesel prices also declined steeply.

Oil prices have fallen sharply after Donald Trump announced a two-week ceasefire with Iran tied to reopening the Strait of Hormuz.

Brent crude dropped $15.02, or 13.8 percent, to $94.25 a barrel, while US benchmark WTI fell $17.43, or 15.4 percent, to $95.52. European diesel prices also declined steeply.