"Commodity" US-Iran ceasefire, New York oil closes down 16%, recording the largest single-day drop since the 2020 pandemic
U.S. President Trump agreed to suspend attacks on Iran for two weeks. Although there was no breakthrough in tanker transportation, the market hopes Tehran will allow ships to pass safely through the Strait of Hormuz. As a result of this news, oil prices plummeted on Wednesday.
Brent crude for June delivery fell sharply by 13%, closing at $94.8. New York crude for May delivery dropped over 16%, closing at $94.4, marking the largest single-day decline since the outbreak of the pandemic in April 2020
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