New Delhi, April 8 -- Global oil prices fell around 14% on Wednesday morning, with both Brent and WTI trading below $100 per barrel after the US, Israel and Iran agreed to a two-week ceasefire.

At 7:55 AM, the June contract of Brent was trading at $95.17 per barrel, lower by 12.90% from its previous close, while the May contract of West Texas Intermediate fell 14.64% to $96.41 a barrel.

The steep correction follows weeks of elevated prices after the Strait of Hormuz was blocked at the start of the war, disrupting nearly 20% of global oil and gas trade.

US president Donald Trump on Tuesday softened his stance and announced to deescalate the war less than two hours before the deadline he had set for Iran to comply and open up the strait ...