Oil Prices Slide 4%, Below $100, as Middle East Ceasefire Hopes Rise
Oil prices tumbled nearly 4% on Wednesday as hopes grew for a Middle East ceasefire that could ease major supply disruptions in the region. Read More: http://Oil prices below $100 ceasefire 2026, Brent $98 WTI $87 Iran talks, Middle East ceasefire oil drop Trump, Hormuz risk premium oil crash, US Iran 15-point plan oil market. Diplomatic Push Gains Momentum The United States has sent Iran a detailed 15-point plan aimed at ending the ongoing war. US President Donald Trump stated that negotiations are making progress toward a peaceful resolution. Reports suggest the proposal includes dismantling Iran’s nuclear program and stopping support for proxy groups. A month-long ceasefire is reportedly being discussed to allow further talks on reopening the Strait of Hormuz. Market Reaction and Uncertainty Brent crude futures dropped $4.89, or 4.7 percent, to $99.60 per barrel. West Texas Intermediate (WTI) crude fell $3.54, or 3.8 percent, to $88.81 per barrel. Analysts noted that profit-taking followed rising ceasefire expectations after Tuesday’s sharp gains. However, experts remain cautious, saying the outlook is still uncertain and negotiations may not succeed quickly. Hiroyuki Kikukawa of Nissan Securities said expectations have risen slightly but selling is limited by doubts. Middle East developments continue to dominate price movements, keeping volatility high in the near term. The war has caused the biggest oil supply disruption ever recorded, halting flows through the Strait of Hormuz. This vital route normally carries about one-fifth of global crude and gas supplies. Even if a ceasefire happens soon, full production restart may take time until durability is confirmed. Pakistan’s prime minister offered to host talks between the US and Iran to support diplomacy. Iran has informed international bodies that non-hostile vessels can transit the Strait if coordinated with its authorities. Meanwhile, strikes continue and the US is preparing to send more troops to the region. To compensate for disruptions, Saudi Arabia ramped up exports from its Red Sea Yanbu port to nearly 4 million barrels per day. US crude stocks rose by 2.35 million barrels last week, with gasoline and distillate inventories also increasing.