Brent crude crashed about 10% to near US$88 a barrel after a US-Iran ceasefire eased Middle East war-risk premiums, even as a tanker exploded in the Strait of Hormuz.
Markets · Energy
Key Facts
—Price Move Brent crude fell about 10% across two sessions, settling near US$88 a barrel after a US-Iran ceasefire.
—Ceasefire Trigger The United States suspended air strikes on Iran, and Iran indicated it would halt attacks if the pause held.
—Hormuz Incident An oil tanker reportedly exploded in the Strait of Hormuz after a mine strike, but the incident did not reverse the price drop.
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