Oil: WTI crude plunges nearly 18% after ceasefire announcement in Iran

The price of West Texas Intermediate (WTI), the American benchmark for crude oil, continued its spectacular drop on Wednesday, falling nearly 18% shortly after Donald Trump rejected his ultimatum against Iran and Tehran said it was ready to negotiate.

Before the opening of Asian markets, around 11:30 PM GMT, its price plunged 17.64% to $93.03.

Before this announcement, the price of WTI had surged about 70% since the start of the war on February 28.