Adds Ice Brent futures prices in paragraph 3 and details in paragraphs 6 and 7
Crude and oil products prices fell significantly following announcements from US president Donald Trump and Iran of a ceasefire, shortly before an 8pm ET deadline when the US was to begin bombing Iranian power plants and bridges.
Prompt Nymex light sweet crude futures fell by close to 20pc today, following news that the US and Iran agreed to a two-week ceasefire. The May Nymex WTI contract fell by $21.90/bl to a low of $91.05/bl, but afterwards rose slightly to $96.43/bl.
The front-month June Ice Brent contract dropped by 16pc to a low of $91.70/bl before rising again to $95.42/bl as of 11:00 Singapore time (03:00 GMT).
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.
The US and Iran said on Tuesday that they would halt hostilities for a two-week period to finalise a peace deal, although their public statements differ on the status of navigation through the strait of Hormuz.
Trump said that he would delay a planned massive attack against Iran's civilian and energy sites by two weeks if Iran agrees to allow free transit through the strait of Hormuz.
Iran's supreme national security council, meanwhile, described the peace proposal under discussion as enshrining "continued Iranian control over the strait of Hormuz", according to Iran's Tasnim news agency, which is linked to the Islamic Revolutionary Guard Corps.
