Oil prices fall sharply after US-Iran ceasefire agreement

New Delhi: Global oil prices fell sharply while stock markets rallied after the United States and Iran agreed to a conditional two-week ceasefire, easing geopolitical tensions.

Benchmark Brent crude dropped below $100, falling nearly 15.9 per cent to $92.30 per barrel, while US-traded oil declined about 16.5 per cent to $93.80.

The sharp decline in oil prices comes amid expectations of reduced supply disruptions following the ceasefire agreement, which has also lifted investor sentiment across global markets.

According to reports, the US administration is preparing for direct talks with Iran to negotiate a long-term framework agreement.

The US delegation is likely to be led by Vice President JD Vance, signalling high-level diplomatic engagement.

White House Press Secretary Karoline Leavitt confirmed that discussions for in-person talks are ongoing, adding that any final decision will be formally announced by the President or the White House.