Oil prices dropped sharply following the announcement of a ceasefire between Iran and the United States, leading to a positive shift in global financial markets. According to Reuters, the change was observed on Tuesday night New York time. U.S. crude oil prices fell by about 16 percent to $94.59 per barrel, while Brent crude declined by roughly 15 percent to $92.35 per barrel.

The reopening of the Strait of Hormuz, a key route through which nearly one-fifth of the world’s oil and gas is transported, is closely linked to this development. Following the ceasefire announcement, markets reacted quickly: oil prices fell, bond prices rose, and U.S. stock markets gained. Investors believe oil supply could stabilize after recent disruptions.

The announcement came just before the expiration of a deadline set by President Donald Trump, bringing relief to investors. Analysts noted that despite the sharp drop, oil prices remain higher than at the end of February.