NEW YORK: Oil plummeted on Wednesday, falling below US$100 a barrel, on hope of the Strait of Hormuz reopening after US President Donald Trump agreed to a two-week ceasefire with Iran.
Brent crude futures settled US$14.52, or 13.29%, lower at US$94.75 a barrel, while US West Texas Intermediate (WTI) crude slid US$18.54, or 16.41%, to US$94.41 a barrel.
