Brent crude tumbles 13.89% to $94.09/barrel

Oil prices plunged below USD 100 a barrel and Asia markets and US stock futures jumped after the US and Iran agreed to a two-week ceasefire that includes the reopening of the Strait of Hormuz.

Futures for US crude oil sank 14.3% to $96.83 a barrel and Brent crude oil, the international standard, dropped 13.89% to $94.09.

Oil prices had spiked because the war snarled the production and transportation of crude in the Persian Gulf. Much of that oil exits the gulf through the Strait of Hormuz to reach customers around the world, but Iran had blocked it to enemies.

The dramatic moves in prices are just the latest swings to hit financial markets since late February because of constantly shifting signals about when the conflict may end.