Nigeria, April 9 -- Global crude oil prices fell sharply on Wednesday following the announcement of a ceasefire agreement between the United States, Israel and Iran, easing concerns over supply disruptions.

Brent crude dropped by about $15 or 13.54 per cent, to $94.47 per barrel as of 6:16 p.m. Nigerian time, falling below the $100 benchmark after days of sustained increases.

The decline followed an announcement by US President Donald Trump that the parties had agreed to a two-week ceasefire.

The agreement came shortly before a deadline issued by the US to Iran over the reopening of the Strait of Hormuz, a critical global shipping route through which about 20 per cent of the world's oil supply passes.

Tensions had escalated in recent ...