On Tuesday, crude oil prices plummeted by 20%, from a high of $117.63 to $91.05 per barrel, following the announcement of a ceasefire between the US and Iran. This steep decline is the largest single-day drop since the onset of the COVID-19 pandemic in April 2020. The conflict, which had lasted for forty days, had heightened concerns over the Strait of Hormuz, a crucial waterway through which approximately 20% of the world's oil is transported daily. Iranian threats to close the strait had previously sent oil prices soaring, creating a precarious situation in global energy markets. Former President Donald Trump announced the ceasefire via Truth Social, stating that he had received a ten-point proposal from Iran, which he deemed a workable basis for negotiations. Iran's Supreme National Security Council declared that most of its war objectives had been achieved, although it emphasized that the conflict was not over. The ceasefire is expected to lead to talks in Islamabad on April 10.