Gas station price board in California, USA [EPA=Yonhap News]

International oil prices plummeted below $100 per barrel on the 8th (local time) as the United States and Iran unexpectedly agreed to a two-week truce.

On the London ICE Futures Exchange that day, Brent crude for June delivery closed at $94.75 per barrel, down $14.52 (13.29%) from the previous trading session.

This was the largest daily drop since March 2022.

West Texas Intermediate (WTI) crude for May delivery closed at $94.41 on the New York Mercantile Exchange, down $18.54 (16.41%).

WTI also saw its largest drop since April 2020 and its lowest price since March 25.

The decline in oil prices appears to be due to expectations that the Strait of Hormuz will be reopened following the US-Iran truce agreement.

The previous day, US President Donald Trump announced a two-week suspension of attacks on Iran, conditional on the full reopening of the Strait of Hormuz.

The United States and Iran are scheduled to hold their first peace negotiations in Islamabad, Pakistan, on the 11th.

Vice President JD Vance, Special Envoy Steve Wifkowitz, and President Trump's son-in-law Jared Kushner will lead the US negotiation team.