Global Oil Prices Fall

Global oil prices have fallen sharply and stock markets have jumped after the US and Iran agreed to a conditional two-week ceasefire deal that includes the reopening of the key Strait of Hormuz waterway.

The price of benchmark Brent crude fell by about 13% to USD$94.80 a barrel, while US-traded oil was more than 15% lower at $95.75.  But oil prices remain higher than before the conflict started on 28 February. At the time, it was trading at around $70 a barrel.