LONDON – Global oil markets witnessed big drop as US President Donald Trump announced fragile 2-week ceasefire with Iran.
WTI crude dropped sharply to $96.06 per barrel, down $16.89, which is around 15%, while Brent crude fell to $94.31 per barrel, down $14.96, or 13.69%. Murban crude plummeted $22.48, or 18.85%, to $96.78 per barrel.
Oil Prices after Ceasefire
| Futures & Indexes | Last | Change | Change |
| WTI Crude | 96.06 | -16.89 | -14.95% |
| Brent Crude | 94.31 | -14.96 | -13.69% |
| Murban Crude | 96.78 | -22.48 | -18.85% |
| Natural Gas | 2.748 | -0.122 | -4.25% |
| Gasoline | 2.955 | -0.350 | -10.60% |
| Heating Oil | 3.657 | -0.821 | -18.33% |
| WTI Midland | 101.98 | -16.53 | -13.95% |
Other energy benchmarks also saw major dip. Natural gas fell 4.25% to $2.748 per MMBtu, Gasoline dropped 10.60% to $2.955 per gallon, Heating Oil tumbled 18.33% to $3.657 per gallon, and WTI Midland fell $16.53, or 13.95%, to $101.98 per barrel.
Trump said the ceasefire comes amid discussions with Pakistan’s Prime Minister Shehbaz Sharif and Field Marshal Asim Munir. “We are holding off the destructive force being sent tonight to Iran,” he declared, linking the pause to Tehran’s immediate and secure reopening of the strategic Strait of Hormuz, a key global shipping route.
Calling it a “double-sided ceasefire,” Trump said the US will stop attacks on Iran for two weeks, claiming Washington has already achieved and exceeded its military objectives. He expressed optimism about ongoing diplomacy, stating that both sides are “very far along with a definitive agreement concerning long-term peace with Iran, and peace in the Middle East.”
Trump mentioned that Tehran submitted a 10-point proposal, which he believes provides a workable foundation for a comprehensive deal. He also emphasized that most long-standing disputes have been resolved, with the two-week window set to finalize and ratify the agreement.
Markets and governments worldwide are watching closely as the Middle East edges toward a historic pause in hostilities, with energy prices reflecting both the tension and hope surrounding this unprecedented diplomatic development.
Here’s Iran’s 10-Point Agenda Now for Talks with US in Pakistan
