Oil prices plunge after cease-fire, Hormuz Strait reopening announced

Donald Trump

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 Brent crude and West Texas Intermediate benchmarks saw double-digit percentage falls following U.S. President Donald Trump 's announcement of the breakthrough Tuesday evening, and have since stabilized, changing hands at $95.51 and $96.48 a barrel in early trade on Wednesday. The

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