"Brent crude oil, the international standard, dropped 14.4% to $93.48, and futures for US crude oil sank 14.7% to $96.27 a barrel. The prices remain well above where it was at the start of the war."
"Charu Chanana, the chief investment strategist at Saxo, told Reuters the pivotal test is whether negotiations keep progressing over the next two weeks and whether insurers and tanker operators regain enough confidence for traffic through Hormuz to run normally again."
Oil prices dropped significantly after Donald Trump postponed military action against Iran, leading to a two-week ceasefire agreement. Iran's foreign minister confirmed that passage through the Strait of Hormuz would be managed by its military during this period. Markets reacted positively, with Brent crude oil falling 14.4% and US crude oil futures declining 14.7%. Stock indices in Asia rose, and Treasury yields eased. The future of US-Iran negotiations remains uncertain, particularly regarding the management of the Strait of Hormuz post-ceasefire.
Read at www.theguardian.com
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