Global benchmark Brent crude fell 12.88% to $95.12 per barrel.
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But analysts said many questions still remain. It remains unclear whether the deal will change the effective blockade of the strait, which carries about 20% of the world's oil, and whether the ceasefire will bring a lasting end to the war.
Global benchmark Brent crude fell 12.88% to $95.12 a barrel. U.S. crude fell more than 15% to below $95 a barrel in the hours after.
That was a notable drop. But it is still well above the February 27 high of $67.02 before the war broke out. Meanwhile, U.S. stock futures and Asian markets rose.
‘The market is eager for good news. "But it remains to be seen whether the Strait of Hormuz will fully open," Bob McNally, founder and chairman of Rapidon Energy Group, told CNN.
While Trump celebrated on social media, Iran said the ceasefire was only temporary.
"This is not the end of the war. But all military branches must follow the orders of the Supreme Leader and cease fire," the statement read on state news channel IRIB said.
