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Oil Prices See Sharp Declines After US-Iran Ceasefire Announcement
(MENAFN) Global energy prices collapsed Wednesday as markets rapidly unwound war-risk premiums following the announcement of a ceasefire between Iran and the United States, delivering one of the sharpest single-day drops in recent memory.
As of 0615 GMT, Brent crude futures had plummeted approximately 15% to $92.9 per barrel, while West Texas Intermediate (WTI) fell even steeper — shedding 16% to settle at $94.8 per barrel.
The selloff extended well beyond crude. European natural gas prices tumbled roughly 20%, dropping below €43 ($50), as traders recalibrated supply-disruption fears that had driven prices sharply higher throughout the conflict. Heating oil was not spared either, declining 18% to $3.66 per gallon.
The dramatic market repricing was triggered after Pakistani Prime Minister Shehbaz Sharif put forward a two-week ceasefire proposal between Washington and Tehran. US President Donald Trump swiftly endorsed the initiative, announcing he had agreed "to suspend the bombing and attack of Iran for a period of two weeks."
Prime Minister Sharif moved further to consolidate the diplomatic momentum, inviting delegations from both Iran and the US to convene in Islamabad on Friday. He confirmed that "Washington and Tehran, along with their allies, have agreed to an immediate ceasefire across all conflict zones."
Energy analysts now face the critical question of whether the truce holds — and whether prices have further room to fall should diplomatic talks in Islamabad yield a longer-term resolution.
As of 0615 GMT, Brent crude futures had plummeted approximately 15% to $92.9 per barrel, while West Texas Intermediate (WTI) fell even steeper — shedding 16% to settle at $94.8 per barrel.
The selloff extended well beyond crude. European natural gas prices tumbled roughly 20%, dropping below €43 ($50), as traders recalibrated supply-disruption fears that had driven prices sharply higher throughout the conflict. Heating oil was not spared either, declining 18% to $3.66 per gallon.
The dramatic market repricing was triggered after Pakistani Prime Minister Shehbaz Sharif put forward a two-week ceasefire proposal between Washington and Tehran. US President Donald Trump swiftly endorsed the initiative, announcing he had agreed "to suspend the bombing and attack of Iran for a period of two weeks."
Prime Minister Sharif moved further to consolidate the diplomatic momentum, inviting delegations from both Iran and the US to convene in Islamabad on Friday. He confirmed that "Washington and Tehran, along with their allies, have agreed to an immediate ceasefire across all conflict zones."
Energy analysts now face the critical question of whether the truce holds — and whether prices have further room to fall should diplomatic talks in Islamabad yield a longer-term resolution.
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