Trump effect Oil prices drop by 20%

Global oil prices witnessed a sharp decline following the ceasefire decision announced by Donald Trump amid tensions involving Iran. The move has brought temporary relief to global markets, leading to a significant drop in crude oil rates. Brent crude prices fell to $95.06 per barrel, down from the earlier level of around $110 per barrel.

Similarly, the US West Texas Intermediate (WTI) crude also recorded a nearly 20% decline. Analysts believe the ceasefire has eased concerns over supply disruptions, resulting in stabilizing energy markets. The drop in oil prices is expected to positively impact global economies by reducing fuel costs and inflationary pressures.