Tokyo: Oil prices tumbled below $100 a barrel today after US President Donald Trump announced his agreement to a two-week ceasefire with Iran, conditional on the immediate reopening of the Strait of Hormuz. Brent crude plunged $14.84, or 13.6 percent, to $94.43 per barrel, while US West Texas Intermediate slumped $16.13, or 14.3 percent, to $96.82 per barrel.

According to Oman News Agency, the US-Israel war against Iran had triggered the largest monthly surge in oil prices on record, with crude soaring more than 50 percent during March 2026.