NEW YORK: Oil plummeted on Wednesday, falling below US$100 a barrel, on hope of the Strait of Hormuz reopening after US President Donald Trump agreed to a two-week ceasefire with Iran. Oil prices fell in anticipation of the strait reopening and energy supplies that have built up being able to pass through the shipping route, said Andrew Lipow, founder of Lipow Oil Associates. Earlier on Wednesday, Trump told PBS News in an interview that Lebanon is not part of the ceasefire agreement the US has with Iran "because of Hezbollah". Shippers were seeking clarity on the logistics, while refiners inquired about new crude loadings on Wednesday, in response to the ceasefire deal. Iran attacked Saudi Arabia's East-West Pipeline just hours after the ceasefire was agreed, an industry source told Reuters, hitting its only crude oil export route since hostilities began.

Source: The Star April 08, 2026 23:35 UTC