April 8 (UPI) -- Global oil prices tumbled after the United States, Israel and Iran agreed to a Pakistan-brokered two-week cease-fire deal that included reopening the Strait of Hormuz to international shipping.

The ceasefire also led to a sharp drop in the dollar, which had become the safe haven while the war raged, with the yen, euro and pound all strengthening.

The ceasefire also led to a sharp drop in the dollar, which had become the safe haven while the war raged, with the yen, euro and pound all strengthening.

President Donald Trump had threatened to destroy Iran's entire civilization if his 8 p.m. ET deadline to reopen the Strait of Hormuz is not met.

President Donald Trump agreed to the ceasefire with Iran after discussions with Pakistan Prime Minister Shehbaz Sharif.

President Donald Trump agreed to the ceasefire with Iran after discussions with Pakistan Prime Minister Shehbaz Sharif.

Oil prices plunged Tuesday evening, after President Donald Trump agreed to suspend attacks on Iran for two weeks in exchange for Tehran allowing safe passage through the Strait of Hormuz. The West Texas Intermediate contract for May delivery fell more than 16% to $94.47 per barrel by 8:03 p.m. ET. International benchmark Brent for June delivery lost more than 15% to $92.21 per barrel. Trump said the two-week ceasefire was subject to Iran agreeing to a complete, immediate and safe opening of the Strait of Hormuz. The U.S. has received a 10-point proposal from Iran that is a workable basis for negotiations, he said. “Almost all of the various points of past contention have been agreed to between the United States and Iran, but a two week period will allow the Agreement to be finalized and consummated,” Trump said in a social media post. Iranian Foreign Minister Seyed Abbas Araghchi said Tehran will allow safe passage through the Strait during the ceasefire via “coordination with Iran’s Armed Forces and with due…