Rolling coverage of the latest economic and financial news

Brent crude oil dropped to $93 a barrel after US president’s announcement and Iran’s pledge to reopen strait of Hormuz under its management

Investors relieved by news of two-week ceasefire and temporary reopening of strait of Hormuz

Rolling coverage of the latest economic and financial news

Gas prices also increase, while global stock markets slip back after strong rally on Wednesday

Benchmark U.S. crude was 3.1% higher on Thursday at $97.30 a barrel.

Blockages in the Strait of Hormuz have kept oil and natural gas stuck in the Persian Gulf, away from customers worldwide.

Rolling coverage of the latest economic and financial news