Oil prices plummeted and stocks surged Wednesday after a fragile ceasefire between the United States and Iran took effect, spurring hopes that oil tankers would be allowed to pass through the Strait of Hormuz.
WTI, the US crude benchmark, tumbled 16.41% to settle at $94.41 per barrel. Still, crude is well above the $67 per barrel level it settled at on February 27, before the war began.
Brent crude, the global benchmark, dropped 13.29% to settle at $94.75 per barrel, its lowest settle price since March 11 — but also still well above the $73 per barrel level it settled at on February 27.