Oil and Gas Prices Plunge After US and Iran Agree to a Ceasefire

Oil and gas prices both plummeted after the US and Iran agreed to a two-week ceasefire aimed at halting the American-Israeli military campaign, with the two sides signaling they could soon hold talks to end the six-week conflict.

Brent fell as much as 17% before trading near $95 a barrel, while European natural gas futures posted their biggest decline in more than two years, shedding as much as 20%.

Traders are speculating on how quickly transit through the key Strait of Hormuz can resume. It’s the route for about a fifth of global oil and liquefied natural gas supplies, and ...