Oil prices slide after US-Iran ceasefire deal
Crude oil prices fell sharply on Tuesday evening, dropping well below $100 per barrel after President Donald Trump announced that the U.S. had agreed to a two-week ceasefire with Iran, a proposal put forward by Pakistan.
The global benchmark Brent crude futures declined by around 13%, settling near $95 per barrel, News.Az reports, citing Axios.
Despite the sharp drop, prices remain considerably higher than the roughly $73 level recorded before the conflict began at the end of February.
Meanwhile, U.S. benchmark West Texas Intermediate (WTI) crude fell to approximately $96 per barrel, marking a decrease of about 14%.
The physical oil market continues to experience instability, as Middle Eastern producers have reduced output amid disruptions to key export routes.
Dated Brent — the global benchmark for physical crude cargoes — recently surged to a record high of $144.42, according to S&P Global Energy Platts. This surpassed the previous peak set in 2008 during the global financial crisis.
According to data from the Energy Department’s statistical division, Iraq, Saudi Arabia, Kuwait, the United Arab Emirates, Qatar, and Bahrain collectively cut around 7.5 million barrels per day of crude production in March, with even higher reductions reported so far this month.
News.Az
By Nijat Babayev
