Oil prices today: Crude falls below $100 as Trump announces two-week ceasefire

Oil prices plummeted below $100 per barrel following President Trump’s announcement of a two-week ceasefire with Iran, contingent on reopening the Strait of Hormuz. This development eased fears of supply disruptions, leading to the steepest oil decline in nearly six years. Despite the truce, analysts caution that risks to oil supply remain elevated due to ongoing tensions.