Energy prices plunge following US-Iran ceasefire

Oil prices saw sharp declines following the ceasefire decision between Iran and the US on Wednesday.

As of 0615GMT, Brent futures decreased by around 15% to $92.9 while West Texas Intermediate (WTI) was at $94.8, down 16%.

European natural gas prices also declined by around 20% to below €43 ($50).

Heating oil prices also posted a decline of 18% to $3.66 per gallon.

Following Pakistani Prime Minister Shehbaz Sharif’s proposal for two-week ceasefire between Iran and the US, Trump announced that he agreed “to suspend the bombing and attack of Iran for a period of two weeks.”

Sharif also invited Iranian and US delegations to Islamabad on Friday and said Washington and Tehran, along with their allies, have agreed to an immediate ceasefire across all conflict zones.

• European natural gas prices
• West Texas Intermediate (WTI)