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Global oil prices dropped sharply on Wednesday as tensions eased between the United States, Iran and Israel, following indications of a temporary ceasefire.
Brent crude fell by 13.28 per cent to $94.76 per barrel, while US West Texas Intermediate (WTI) declined by 14.72 per cent to $96.31 per barrel.
The decline came after US President Donald Trump signalled a pause in planned military action against Iran, saying the move was contingent on restoring safe navigation through the Strait of Hormuz.
Trump indicated that the United States would hold off on strikes for two weeks to allow ongoing negotiations with Tehran to progress, noting that talks between both sides were nearing a possible agreement.
“Based on conversations with Prime Minister Shehbaz Sharif and Field Marshal Asim Munir… and subject to the Islamic Republic of Iran agreeing to the complete, immediate, and safe opening of the Strait of Hormuz, I agree to suspend the bombing and attack of Iran for a period of two weeks,” Trump said.
In response, Iran’s Foreign Minister Seyed Abbas Araghchi said in a statement that Tehran would scale back its military response if attacks on the country ceased, adding that arrangements were being made to ensure safe passage through the strait during the period.
He also pointed to mediation efforts involving Pakistan’s leadership as part of moves to de-escalate the situation.
The price drop follows a recent surge in oil markets, with Brent crude having climbed to over $117 per barrel at the end of March as geopolitical tensions heightened.
