The prompt Nymex light sweet crude futures contract fell by 17pc late Tuesday following news that the US and Iran have agreed to a two-week ceasefire.
Following announcements from US president Donald Trump and Iran shortly before an 8pm ET deadline when the US was to begin bombing Iranian power plants, both crude and products prices fell dramatically.
The May Nymex WTI contract fell by $18.64/bl to $94.31/bl, after closing regular trading up by 54¢/bl to $112.95/bl.
The May RBOB contract fell by 32.96¢/USG, or 10pc, to $2.9756/USG. The May ultra-low sulphur diesel contract was down by 70.43¢/USG, or 15.73pc, to $3.7731/USG.
