Oil prices plunge and markets surge on Iran war ceasefire but ‘significant hurdles remain’

Oil prices plummeted after President Donald Trump agreed to a two-week ceasefire with Iran, spurring hopes that more oil tankers would be able to transit the key Strait of Hormuz soon..

• Oil prices plummeted and stocks surged Wednesday after US President Donald Trump agreed to a two-week ceasefire with Iran, spurring hopes that more oil tankers would soon be able to transit the key Strait of Hormuz
• WTI, the US crude benchmark, tumbled almost 16% to $95 a barrel – still well above the $67 level it settled at on February 27, before the war began
• Brent crude futures, the global oil benchmark, dropped 14% to $93