Oil prices fell sharply after the announcement of a two-week ceasefire between Iran and the US, DPA reported, BTA reported.
The price of a barrel of Brent crude for delivery in June fell by about 16% to nearly $92, the lowest level since mid-March.
The price of US light crude (West Texas Intermediate – WTI) for delivery in May also recorded a similar decline.
The ceasefire between the US and Iran was agreed upon just before the expiration of a deadline set by US President Donald Trump for the opening of the Strait of Hormuz. Trump threatened the Islamic Republic that if the strategic sea route is not opened by 00:00 GMT (03:00 Bulgarian time), the US will launch massive strikes on Iranian energy facilities.
The Strait of Hormuz, a critical artery for global oil and gas trade, has been effectively blocked by Iran since the conflict began on February 28.
Iranian Foreign Minister Abbas Araghchi said tonight that "safe passage through the Strait of Hormuz will be possible for two weeks in coordination with the Iranian armed forces and taking into account existing technical limitations".