The Lower Eastern Times Opening The Third Eye
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By: BBC
Global oil prices have fallen significantly after US President Donald Trump announced a two-week ceasefire.
Early Tuesday, a barrel of crude oil traded on international markets was worth $103.42, while U.S. crude was near $103.25 a barrel. However, prices are still higher than before the conflict began on February 28.
Japanese energy economist Ichiro Kutani said the sudden drop in prices was directly related to Trump’s announcement. However, prices may not return to their previous level of around $70 a barrel due to infrastructure damage in some parts of the Middle East.
Meanwhile, stock markets in Asia have risen: Japan’s Nikkei 225 is up about 4% and Australia’s ASX 200 is up about 3%.
