A sharp increase in US crude futures was observed earlier this morning, following a period of decline on Wednesday, as a result of US President Donald Trump’s announcement of a two-week ceasefire with Iran. This move had a significant impact on the market, causing oil prices to plummet by 14 percent and settle near $95 per barrel, with prices dipping as low as $90.40 at one point. However, US West Texas Intermediate (WTI) crude prices rebounded strongly, rising $2.68, or 2.84 percent, to $97.09 a barrel by 22:18 GMT on Wednesday. Meanwhile, global stock markets experienced a surge in the early hours of the day.
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