Global oil markets drop after Trump’s ceasefire announcement

Global oil prices fell sharply following reports of a two-week ceasefire between the United States and Iran.

Brent crude dropped below $94 per barrel during trading for the first time since late March, Caliber.Az reports, citing local media.

As of 08:18 EST, June futures for Brent had declined by 10.9% compared to the previous close, reaching $93.70 per barrel.

Data from The New York Times indicates that West Texas Intermediate (WTI) crude also fell by more than 9%, settling at $102 per barrel.

The decline comes after a period of rapid price increases driven by the U.S. and Israeli military operations against Iran, which began on February 28.

During that time, oil prices surged from $65 to $100 per barrel, with March recording the steepest rise since 1983.

The average wholesale price of Brent crude in March stood at $103 per barrel.

By Bakhtiyar Abbasov