<div id="readability-page-1"><div><figure><div><div><p><img src="https://imageproxy.pbkrs.com/https://s.yimg.com/ny/api/res/1.2/xfkX4h_jLQzKi1QbAIy99A--/YXBwaWQ9aGlnaGxhbmRlcjt3PTEyNDI7aD02OTg-/https://media.zenfs.com/en/the_huffington_post_584/448c36bc60c2912914d21c570a424760?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" width="630" height="354" original-src="https://imageproxy.pbkrs.com/https://s.yimg.com/ny/api/res/1.2/xfkX4h_jLQzKi1QbAIy99A--/YXBwaWQ9aGlnaGxhbmRlcjt3PTEyNDI7aD02OTg-/https://media.zenfs.com/en/the_huffington_post_584/448c36bc60c2912914d21c570a424760"/></p></div></div></figure><h2>Like this article? Keep independent journalism alive. Support HuffPost.</h2><p><span>Global oil prices fell sharply on Tuesday following President Donald Trump’s announcement of a two-week ceasefire with Iran. </span></p><p><span>Brent crude futures dropped below </span><span>$100 a barrel for the first time since early April</span><span>. </span>Ahead of Trump’s announcement, oil had been trading as high as $117 a barrel.</p><p>Prices have hovered over $100 a barrel since the beginning of the U.S.-Israel war on Iran, causing gas prices in the U.S. to hit highs not seen since 2022, when Russia invaded Ukraine.</p><p>About one-fifth of the world’s oil travels through the Strait of Hormuz, which Iran has choked off since the beginning of the war in late February. Before the war, over 100 ships passed through the narrow waterway daily.</p><p><span>In a statement agreeing to the two-week ceasefire, Iran’s foreign minister Abbas Araghchi said that ships will once again be allowed to pass through the strait. </span></p><p>“For a period of two weeks, safe passage through the Strait of Hormuz will be possible via coordination with Iran’s Armed Forces and with due consideration of technical limitations,” Araghchi wrote in a statement.</p><h3>Political Updates</h3><ul><li>Iran Calls For Human Chains Around Power Plants As Trump's Deadline Nears</li><li>U.S. And Iran Agree To Two-Week Ceasefire, Artemis II Crew Begins Journey Home: Live Updates</li><li>Trump Vows To Strike Civilian Infrastructure If Iran Does Not Reopen Strait Of Hormuz</li><li>Trump's Go-It-Alone Certainty Confronts The Uncertainties Of War</li><li>Iowa Can Enforce Book Ban On LGBTQ+ Topics In K-6 Classes: Appeals Court</li></ul><h3>This article originally appeared on HuffPost. Support fearless, unflinching journalism that holds power accountable and relentlessly pursues the truth. Become a HuffPost member today.</h3></div></div>

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<p>Global oil prices fell sharply after President Trump's announcement of a two-week ceasefire with Iran, with Brent crude futures dropping below $100 a barrel for the first time since early April. This decline follows a period of high prices due to the U.S.-Israel war on Iran, which had caused gas prices in the U.S. to rise significantly. Iran's foreign minister stated that ships would be allowed to pass through the Strait of Hormuz under military coordination during the ceasefire.</p>

Oil Prices Fall Sharply Following 2-Week Ceasefire Announcement