Oil prices plummeted on Wednesday after the U.S. and Iran agreed to a two-week ceasefire to ensure stability in the region's critical energy corridor.
Brent crude futures for June delivery plunged 13.4 percent to $94.56 a barrel on hopes that oil and gas flows through the Strait of Hormuz could soon resume. WTI crude futures for May delivery were down nearly 16 percent at $95.15.
U.S. President Donald Trump touted the breakthrough as a major victory for international diplomacy, asserting that Iran has signaled a readiness for lasting stability after a volatile and prolonged standoff.
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Market Analysis
June 19, 2026 16:46 ET Major central banks continued to dominate the economic news flow this week too, led by the Federal Reserve, as they announced their latest policy decisions. The Federal Reserve policy session was in focus as it was the first to be led by the new chief Kevin Warsh. In Europe, central banks of the U.K. and Switzerland announced their rate decisions. In Asia, the Bank of Japan drew attention for its policy moves, while data out of China threw some light on the state of the economy.