Oil Prices Tumble Below $100 Amid Trump's Iran Ceasefire

US President Donald Trump's announcement of a two-week ceasefire with Iran sent oil prices plummeting below $100 a barrel on Wednesday.

The deal, which is subject to an immediate and safe reopening of the Strait of Hormuz, came after Trump said he had agreed to a two-week truce in exchange for an end to attacks by Iran.

Brent crude futures fell by 16% to $91.80 a barrel, while WTI futures dropped by 18% to $92.62.

The Strait of Hormuz is a critical waterway that handles around 20% of the world's daily oil supply, and its closure or restriction has significant implications for global energy markets.

Iran's Foreign Minister Abbas Araqchi said his country would halt attacks if strikes against it stopped, and that safe transit through the Strait of Hormuz would be possible for two weeks in coordination with Iranian armed forces.