Oil prices fell sharply after the announcement of a two-week ceasefire between the US and Iran. In less than a day, the price of North Sea oil dropped from $110 to around $90 per barrel. Before the war began on February 28, the oil cost about $70 per barrel.
Damage to oil-critical infrastructure and the risk of new conflicts mean the market is far from stable, which continues to affect fuel prices. According to Christian Kopfer, a commodity analyst at Arctic Securities, the oil market has no chance of normalizing on a two-week ceasefire.
the oil market has no chance of normalizing on a two-week ceasefire