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ConfirmedShipping, energy & marketsBackgroundNew York, United States

Oil plunges back below $100 a barrel as ceasefire sends crude down as much as 20%

Mountain Time
Local time
7:17 PM in New York
Where
New York, United States

U.S. crude fell more than 9% within half an hour of Trump's ceasefire announcement and kept sliding: by early Wednesday WTI had lost almost 20% and Brent as much as 16%, both trading around $95, CBS/AFP reported, while AP put U.S. crude down 18% at about $92.60. Asian stocks surged, with Seoul up 6.9%, and Dubai jumped 8.5%.

Why it matters

Prices remained above pre-war levels, and analysts said the rally depended on whether the truce held and Hormuz actually reopened.

Sources (4)

Confidence: Corroborated by independent sources or direct evidence. About confidence labels