US Crude Futures Fall $12.04 to $100.90/bbl After Trump Announces Two Week Ceasefire
A view shows oil pump jacks outside Almetyevsk, in the Republic of Tatarstan, Russia July 14, 2025. (Reuters/Stringer)
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U.S. West Texas Intermediate crude oil fell more than $12 per barrel in early trade on Wednesday after U.S. President Donald Trump said he had agreed to a ceasefire with Iran.
WTI crude dated for May delivery fell $12.04 or 10.66%, to $100.90 per barrel as of 2251 GMT.
The announcement came shortly before his deadline for Iran to open the Strait of Hormuz where 20% of the world’s oil transits.
(Reporting by Helen Clark; Editing by Chris Reese)
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