Ceasefire hopes rise in the Middle East as Donald Trump secures temporary truce with Iran, triggering sharp decline in global oil prices.

Oil prices dropped below $100 per barrel on Wednesday after United States President, Donald Trump, announced that he had reached a two-week ceasefire agreement with Iran, conditional on the immediate and secure reopening of the Strait of Hormuz.
Brent crude futures declined by $14.51, representing a 13.

3 percent drop, to settle at $94.76 per barrel as of 0330 GMT. Similarly, West Texas Intermediate (WTI) crude fell by $17.16, or 15.2 percent, to $95.79 per barrel.
Iran announced that talks are scheduled to begin on April 10 in Islamabad, although the United States has yet to confirm its participation.
While Israel welcomed the ceasefire development, its Prime Minister clarified that Lebanon is not covered by the agreement.
Iran also disclosed elements of a 10-point plan aimed at ending the conflict. Earlier on Tuesday, Trump warned that “a whole civilization will die” in Iran if no agreement is reached.
The announcement of the ceasefire deal triggered a sharp decline in oil prices globally. However, U.S. officials stated that the ceasefire would only take effect once the Strait of Hormuz is reopened.
In a recent statement, Trump indicated that the United States would assist in facilitating the buildup of shipping traffic through the Strait.
A pause in hostilities, alongside the reopening of the vital waterway, is expected to enable Middle Eastern exporters to move large volumes of oil that have remained stranded in the Gulf since the conflict began.
Data from analytics firm Kpler shows that approximately 130 million barrels of crude oil and 46 million barrels of refined products are currently being held on about 200 tankers in the region.
(Reuters)