India, April 9 --  Oil plummeted on Wednesday, falling below $100 a barrel, on hope of the Strait of Hormuz reopening after President Donald Trump agreed to a two-week ceasefire with Iran. Brent crude futures settled $14.52, or 13.29%, lower at $94.75 a barrel, while U.S. West Texas Intermediate crude slid $18.54, or 16.41%, to $94.41 a barrel.

Oil prices fell in anticipation of the strait reopening and energy supplies that have built up being able to pass through the shipping route, said Andrew Lipow, founder of Lipow Oil Associates. About 20% of the world's daily oil supply passes through the narrow waterway.

Is the Strait of Hormuz Actually Open?

Despite the ceasefire announcement, shipping sources said the Iranian navy threate...