Global Oil Prices Plunge Below $100 Following US-Iran Ceasefire 📈

Global energy markets experienced a sharp correction on Wednesday as oil prices retreated from record highs following the announcement of a two-week ceasefire between the United States and Iran. • Price Movement: Brent futures crashed 14.9% (US$ 16.32) to US$ 92.95 per barrel. WTI crude saw a steeper decline of 16.1% (US$ 18.16) to settle at US$ 94.79. This follows a historic March where prices rose over 50% due to conflict. • Geopolitical Context: President Trump confirmed a 14-day "double-sided ceasefire" contingent on the immediate reopening of the Strait of Hormuz. This critical maritime chokepoint handles roughly 20% of global oil transit. • Market Impact: For Sri Lanka, a net oil importer, this cooling of prices offers potential relief for energy costs and transportation logistics, which have been pressured by recent volatility. • Future Outlook: Analysts from ING and MST Marquee warn that while the 10-point proposal is a "workable basis" for peace, volatility remains high. A permanent reduction in the "geopolitical premium" depends on the transition from a temporary pause to a durable, long-term agreement. _Note: Based on provisional market data at 0630 GMT._