It took just moments for crude oil prices to plummet over 20 percent after President Donald Trump announced a ceasefire with Iran.
After trading at a high of $117.48 at 11:09 a.m. Eastern, it had already decreased somewhat to $95.95 by 11:10 p.m. — normal fluctuations during a time of hostilities.
On Tuesday evening, Trump announced on Truth Social that a two-week ceasefire had been agreed to between the two sides — and the bottom fell out of the prices.
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“Based on conversations with Prime Minister Shehbaz Sharif and Field Marshal Asim Munir, of Pakistan, and wherein they requested that I hold off the destructive force being sent tonight to Iran, 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
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