U.S. President Donald Trump [Yonhap News]

International oil prices are showing a sharp decline as the United States and Iran have virtually agreed to a two-week ceasefire.

According to Bloomberg News, the price of West Texas Intermediate (WTI) crude futures for May delivery was trading at $95.37 per barrel as of 9:10 AM Korean time on the 8th, down 15.56% from the previous trading session.

WTI futures prices showed a sharp vertical drop immediately after President Trump announced his agreement to a two-week ceasefire. At one point, it fell to $91.05, with a decline rate reaching 19%.

The price of Brent crude futures for June delivery, an international oil price benchmark, was $93.28 per barrel, down 14.63% from the previous trading session. It briefly fell to $91.90.

This is the first time since the 2nd that both WTI and Brent futures prices have fallen below $100 on an intraday basis.

U.S.-Iran 'Two-Week Ceasefire'...Sharp Decline in International Oil Prices [Reuters Yonhap News]

Major stock index futures on the U.S. stock market are also showing strong performance.

As of 9:20 AM Korean time on the 8th, Dow Jones futures were up 1.87%, S&P 500 futures were up 2.12%, and Nasdaq 100 futures were up 2.79% respectively.

Spot prices of gold and silver, which had been weak since the start of the war between the U.S., Israel, and Iran, are showing rebounds of 2.6% and 4.7% respectively.

In contrast, the value of the dollar has weakened. The dollar index (DXY), which measures the dollar's value against a basket of six major currencies, is down 0.91%.

According to cryptocurrency exchange Coinbase, Bitcoin was trading at $71,935, up 4.29% from 24 hours ago, regaining the $70,000 mark.

President Trump posted on his social media platform Truth Social at 6:32 PM local time on the 7th, stating, "Provided that Iran agrees to the complete, immediate, and safe opening of the Strait of Hormuz, I agree to suspend bombings and attacks on Iran for two weeks."

President Trump emphasized that this would be a ceasefire applicable to both sides.