Oil falls below $100 after Trump announces a ceasefire with Iran

The price of oil fell below $100 per barrel on Wednesday, after US President Donald Trump announced his agreement to a two-week ceasefire with Iran, on the condition that the Strait of Hormuz be reopened immediately and safely.

Brent crude futures settled at $94.75 per barrel, a decrease of $14.52, or 13.29 percent, while US West Texas Intermediate crude fell $18.54, or 16.41 percent, to $91.41 per barrel.