Global crude oil prices plunged after US President Donald Trump announced a two-week ceasefire with Iran that includes a commitment to restore navigation through the Strait of Hormuz.
In intraday trade, West Texas Intermediate (WTI) crude dropped to as low as 91 US dollars 11 cents per barrel, while Brent crude fell to as low as 91 US dollars 72 cents per barrel.
At the latest update, Brent crude was trading 13.3 per cent down at 94 US dollars and 77 cents per barrel, while West Texas Intermediate crude was trading 14.9 per cent lower at 96 US dollars and 16 cents per barrel, when reports last came in.
