Oil prices dropped sharply by 15% after developments in the US, Iran and Middle East, with Asian markets jumping.
Oil prices were down by more than 15% in the early hours of the morning,after US President Donald Trump announcedthat he was extending his ultimatum to Iran, of Tehran’s willingness to negotiate, and ofPakistani Prime Minister Shabaz Sharif’s announcement that a ceasefire “across the board” in the Middle East is taking effect “with immediate effect”, which relieved markets, with stock indexes in Asia taking off in early trading.
As of 03:15 (GMT), the price of West Texas Intermediate (WTI), the US benchmark variety, was down 15.40 percent, at $99.55.
That of a barrel of North Sea Brent, a benchmark variety in international markets, was down 15.03 percent, at $92.85.
They thus retreated below the $100 barrier amid euphoria over the prospect of a ceasefire in Iran and the Middle East, where war has raged for more than five weeks.
The Nikkei index on the Tokyo bourse was up sharply (+4%), as was the Kospi in Seoul (+5.94%).
