By Zoila Palma: Global oil prices fell sharply while stock markets surged after the United States and Iran agreed to a conditional two-week ceasefire that includes reopening the Strait of Hormuz, a key global shipping route.
The agreement raised expectations of improved energy supply flows following weeks of disruption linked to the conflict, BBC reports.
Benchmark Brent crude dropped about 13% to $94.80 per barrel, while US-traded oil declined more than 15% to $95.75. Despite the fall, prices remain significantly higher than pre-conflict levels of around $70 per barrel recorded before fighting began on 28 February, reflecting ongoing uncertainty in energy markets.
Equity markets responded positively, with major indices across Europe and Asia posting gains.
U.S. President Donald Trump said he would suspend military action for two weeks if Iran ensured the “complete, immediate, and safe” reopening of the Strait of Hormuz, after previously setting a deadline and warning of severe consequences.
Iran’s Foreign Minister Abbas Araghchi said Tehran would agree to a ceasefire if attacks stopped and confirmed that safe passage through the strait would be allowed.
The post International News: Global oil prices fall following U.S.- Iran 2-week ceasefire agreement appeared first on Belize News and Opinion on www.breakingbelizenews.com.
By Zoila Palma: Global oil prices fell sharply while stock markets surged after the United States and Iran agreed to a conditional two-week ceasefire that includes reopening the Strait of Hormuz, a key global shipping route. The agreement raised expectations of improved energy supply flows following weeks of disruption linked to the conflict, BBC reports.
The post International News: Global oil prices fall following U.S.- Iran 2-week ceasefire agreement appeared first on Belize News and Opinion on www.breakingbelizenews.com.
