# Oil prices plummeted by over 13-percent today as geopolitical tensions eased in the Middle-East. Brent crude fell to less than 94-dollars per barrel from 109-dollars overnight following a surprise two-week ceasefire announced between the US and Iran. The agreement to reopen the strategically-important Strait of Hormuz sparked a massive global relief rally, with Asian stock markets surging over five-percent. Analysts warn prices remain volatile pending a long-term diplomatic resolution. Reports indicate the International Energy Agency is considering a release of oil reserves that could exceed 182-million barrels to further stabilise the market
Sharp drop in oil prices as ceasefire in US-Iranian conflict is announced