Oil Prices Have Collapsed Below $100 A Barrel

The market reacted to news of de-escalation in the Middle East.

The global energy market reacted to the news of de-escalation in the Middle East with a record collapse: on Wednesday, April 8, oil prices collapsed by more than 13-14%, falling well below the $100 per barrel mark, writes Reuters.

The price of Brent crude fell $14.84, or 13.6%, to $94.43 per barrel, while the cost of WTI fell 14.3% to $96.82 per barrel.

U.S. President Donald Trump earlier agreed to stop bombing Iran for two weeks in exchange for opening the Strait of Hormuz.

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