Oil Slumps, Stock Markets Surge As First Ships Transit Hormuz

Oil prices fell below $100 per barrel while the S&P 500 and global markets surged after the U.S. and Iran agreed to a two-week ceasefire deal that includes the reopening of the Strait of Hormuz for the first time in more than a month. Brent crude for June delivery plunged 16.4% to trade at $91.37 per barrel at 8.00 am ET, while WTI crude for May delivery declined 17.9% to change hands at $92.62/bbl. On Wednesday morning, Agence France-Presse (AFP) reported that two ships appeared to have transited the Strait of Hormuz since the U.S.-Iran ceasefire…