Oil Price Today (April 8): Crude oil price crashes 15% as Trump agrees 2-week ceasefire with Iran. What are experts saying?

In a major relief to the global economy, oil prices dropped below $100 a barrel on Wednesday after U.S. President Donald Trump said he had agreed to a two-week ceasefire with Iran, contingent on the immediate and safe reopening of the Strait of Hormuz, a critical chokepoint that transports one fifth of global flows.The shift in stance came just ahead of Trump’s deadline for Iran to reopen the Strait of Hormuz, a key route that carries 20% of the world’s oil supply, or face broad attacks on its c...