Oil Prices Plummet After Trump Announces Ceasefire

Oil prices fell well below $100 after President Trump announced a ceasefire in the Iran War on Tuesday evening.

The global pricing benchmark Brent crude dropped from $111 to $91 as markets opened on Wednesday. The United States domestic oil blend, West Texas Intermediate, fell by nearly 20% to trading at $92. (RELATED: American Families Could Be Paying The Price Of Iran War For Years To Come)

Currency dealers monitor exchange rates as an electronic screen shows the prices of WTI (L), Brent crude (C) and Dubai crude (R) in a foreign exchange dealing room at the Hana Bank headquarters in Seoul on March 13, 2026. Brent crude inched further above $100 a barrel and stocks fell in early Asian trade on March 13, after Iran vowed to attack oil resources in the Middle East and keep choking the Strait of Hormuz. (Photo by Jung Yeon-je / AFP via Getty Images)

Brent prices skyrocketed in Operation Epic Fury’s immediate aftermath, shooting from $70 to over $110 in one month. U.S. gasoline prices rose from $2.98 to over $4.10 per gallon as Iranian retaliation shuttered the Strait of Hormuz and the global oil trade, according to AAA.

Oil prices’ steep decline could continue if the ceasefire is maintained and a permanent agreement is reached. For every $10 decrease in Brent’s price, U.S. gasoline drops roughly 24 cents per gallon. However, Brent could soar to previous highs if the conflict heats up again.

Brent crude dipped under $100 mid-war after Trump announced a temporary hold on U.S. strikes against Iranian energy facilities. Prices quickly returned to over $110 after the conflict continued and market confidence fell.

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