Oil plunged the most in nearly six years after the US and Iran agreed to a two-week ceasefire that is expected to halt the American-Israeli military campaign and lead to reopening of the Strait of Hormuz. The ceasefire materially reduced geopolitical risk to oil shipments, triggering a large one-day drop in prices, which is negative for oil producers but eases input costs for energy-importing economies and global growth prospects.
Oil plunged the most in nearly six years after the US and Iran agreed to a two-week ceasefire that is expected to halt the American-Israeli military campaign and lead to reopening of the Strait of Hormuz. The ceasefire materially reduced geopolitical risk to oil shipments, triggering a large one-day drop in prices, which is negative for oil producers but eases input costs for energy-importing economies and global growth prospects.
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mildly positive
Sentiment Score
0.25
