New Delhi, 08 April (H.S.):

Global crude oil prices tumbled sharply following US President Donald Trump's declaration of a temporary ceasefire with Iran. Brent crude settled at $91.88 per barrel, down nearly 16% or $17.39, while West Texas Intermediate (WTI) crude hit $91.05, a 20% or $21.90 drop.

Tuesday's steep decline reflects market relief over Trump's decision to postpone strikes on Iran for two weeks, including commitments to reopen the Strait of Hormuz for shipping.

Though prices remain above pre-West Asia crisis levels, analysts caution sustainability hinges on ceasefire enforcement and normalized Hormuz flows, critical for global energy supply.

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Hindusthan Samachar / Jun Sarkar