New Delhi, April 8 -- Crude oil prices crashed after the US and Iran agreed to a two-week ceasefire deal. As a part of the deal, Iran agreed to temporarily reopen the Strait of Hormuz, allowing safe passage of ships.

Brent crude oil price slipped 15.19% to $92.67 a barrel, while the US West Texas Intermediate (WTI) crude futures plunged 15.02% to $96.03 a barrel.

Safe passage through the strait will be possible via coordination with Iran's armed forces and with "due consideration of technical limitations," Iranian Foreign Minister Abbas Araghchi said in a post on X.

US President Donald Trump announced he would hold off on his threat of attacks on Iran, while the ceasefire would be subject to Iran reopening the waterway, and will allow ...