Oil Prices Fall Below $100 After Ceasefire in the Middle East

Oil Prices Drop Below $100 a Barrel Following Middle East Ceasefire Announcement

Oil prices experienced a significant decline on Wednesday, falling below the $100-per-barrel mark after news of a ceasefire in the Middle East, which helped ease tensions in the markets.

Sharp Decrease in Brent and WTI Prices

Brent crude plummeted by $14.84, a drop of 13.6%, settling at $94.43 per barrel.

The West Texas Intermediate (WTI) also saw a substantial decrease, down $16.13 or 14.3%, with prices reaching $96.82 per barrel.

Marked Volatility Since the Conflict Began

It is worth noting that WTI had risen by approximately 70% since the onset of the conflict on February 28, highlighting the market’s strong sensitivity to geopolitical developments.