Global oil prices fell sharply following US President Donald Trump’s announcement of a two-week ceasefire. Within just 15 minutes of the announcement, the price of West Texas Intermediate (WTI) crude dropped by more than 12 dollars per barrel. By Tuesday night in New York, the May delivery price of WTI crude had fallen by 12.4 dollars, or 10.66 percent, to 100.90 dollars per barrel.

The announcement came just before the expiration of Trump’s previously set deadline, bringing relief to investors who had been unsettled by escalating tensions. Earlier, a US attack on Iranian oil fields and Tehran’s threat to close the Strait of Hormuz had caused severe volatility in the oil market.

The ceasefire news eased immediate market fears, though the report did not specify how long the price stability might last or what further diplomatic steps could follow.