Oil prices were down more than 15% in the early hours of the morning, following US President Donald Trump’s announcements that he was extending his ultimatum to Iran, of Tehran’s willingness to negotiate, and Pakistan Prime Minister Shabaz Sharif’s declaration that a ceasefire is being put in place “across the Middle East” with “immediate effect” — which relieved markets, with stock indexes in Asia taking off in early trading.
As of 03:15 (GMT), the price of West Texas Intermediate (WTI), the US benchmark variety, was down 15.40% at $99.55.
The price of North Sea Brent crude, a benchmark variety in international markets, was down 15.03%, at $92.85.
They thus retreated below the $100 barrier amid euphoria over the prospect of a ceasefire in Iran and the Middle East, where war has raged for more than five weeks.
The Nikkei index on the Tokyo Stock Exchange was up by leaps and bounds (+4%), as was the Kospi in Seoul (+5.94%).
