Brent fell 16% after the US and Iran agreed to a two-week ceasefire.

After the ceasefire between the United States and Iran was agreed upon, the price of Brent crude oil plummeted to below $100 per barrel. The United States and Israel are expected to cease military operations in exchange for Tehran reopening the Strait of Hormuz. Brent crude oil futures prices dropped by 16% to $91.70 per barrel.