US crude futures fall $12.04 to $100.90/bbl after Trump announces two week ceasefire

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PERTH, April 8 : U.S. West Texas Intermediate crude oil fell more than $12 per barrel in early trade on Wednesday after U.S. President Donald Trump said he had agreed to a ceasefire with Iran.

WTI crude dated for May delivery fell $12.04 or 10.66 per cent, to $100.90 per barrel as of 2251 GMT.

The announcement came shortly before his deadline for Iran to open the Strait of Hormuz where 20 per cent of the world’s oil transits.

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