Global oil prices plummeted this week after President Donald Trump announced a conditional two-week ceasefire with Iran. The deal hinges on Iran agreeing to the complete, immediate, and safe opening of the Strait of Hormuz.
Benchmark Brent crude fell approximately 15.9% to $92.30 a barrel, while US-traded oil saw a nearly 16.5% decrease, settling at $93.80. However, prices remain elevated compared to pre-conflict levels. The energy market had seen a sharp increase due to disruptions in Middle Eastern oil and gas supplies amid Iranian threats to shipping in the Strait of Hormuz. Analysts suggest Trump's move may be influenced by concerns over escalating energy costs and their potential economic impact.