Oil reacts with significant decline to truce between Iran and US, Brent falls below USD 100

World oil prices reacted with a significant decline to the statements of the United States and Iran about the agreement reached on a two-week ceasefire and the resumption of shipping in the Strait of Hormuz for this period. It was reported by Reuters.

On Wednesday, April 8, at 4:20 p.m. Kyiv time, Brent crude oil futures fell by USD 18.27 to USD 91 per barrel. The decline was almost 17%.

The cost of futures for US West Texas Intermediate (WTI) crude oil decreased by USD 20.48 to USD 92.47 per barrel (-18.13%).

The price of European diesel also decreased by USD 310.75 (-20.34%) and amounted to USD 1,217 per metric ton.

Later on, Brent partially recovered its losses after reports that the East-West pipeline connecting the east and west of Saudi Arabia was attacked. But later, the price of this brand went down again, reaching a new low of USD 90.4 per barrel.

As the Ukrainian News agency earlier reported, today, April 8, President Trump said that he decided to postpone "devastating" strikes on Iran, as Tehran agreed to unblock shipping in the Strait of Hormuz for two weeks.

Iranian Foreign Minister Abbas Araqchi confirmed the achievement of a two-week truce with Iran. For this period, Tehran will open the strait for navigation, but the movement of ships will be carried out only in coordination with the Iranian military.

According to Bloomberg, shipowners greeted the news with relief, but so far they are in no hurry to send ships to the Strait of Hormuz, trying to understand the intricacies of the agreement.