Global Oil Prices Plunge After Trump’s Ceasefire Signal!
Similarly, U.S. West Texas Intermediate (WTI) crude saw a 13.5% decrease, settling at $85.28 per barrel. This sudden shift suggests a de-escalation of tensions that had previously sent global energy markets into a frenzy.
The market had been under severe pressure since the February 28th strikes, which led to the partial closure of the Strait of Hormuz—a vital route for one-fifth of the world’s oil and LNG supply. Following the onset of hostilities, prices had surged past $100 per barrel, marking a 50% increase compared to pre-war levels. This recent price drop is seen as a significant relief for the global economy, easing concerns over a prolonged energy crisis.
