New Delhi, April 8 -- Crude oil prices on Multi Commodity Exchange (MCX) crashed as much as 9% to Rs.9,709 per barrel on Wednesday, tracking a decline in global oil prices, after the US and Iran reached a two-week ceasefire deal, which is expected to pause the American-Israeli military offensive in return for Iran reopening the Strait of Hormuz.

On the international front, Brent crude tumbled by as much as 16% before stabilising near $95 per barrel, while West Texas Intermediate recorded its steepest fall in nearly six years, trading around $96.

US President Donald Trump said that the ceasefire is subject to Iran reopening the Strait of Hormuz, which would pave the way for the agreement to be fully completed.

The announcement came roug...