Oil markets experienced a sharp decline in early Wednesday trading as crude prices tumbled following President Donald Trump’s announcement of a ceasefire agreement with Iran.
West Texas Intermediate crude for May delivery dropped $12.04 per barrel, representing a 10.66% decline, bringing prices down to $100.90 per barrel as of 2251 GMT.
Trump’s ceasefire declaration was made just ahead of his established deadline for Iran to reopen the Strait of Hormuz, a critical waterway through which approximately 20% of global oil shipments pass.
