Oil Prices Fall After Ceasefire Announcement
Oil prices fell on Wednesday. It was the largest drop in 6 years.
President Trump agreed to a ceasefire with Iran. Pakistan's Prime Minister Shehbaz Sharif announced the ceasefire.
But oil prices then went back up. A safe passage agreement appeared to break down hours later.
Israel said it would follow the ceasefire. But Israel kept fighting in Lebanon separately.
Klear Note — Oil prices fall when conflict risks drop. Iran supplies oil to world markets. Ceasefire news made traders think less oil disruption would happen.