Oil crashes 13% on Iran ceasefire but fragility concerns mount

Brent crude plunged 13% to around $95 per barrel following Trump's Iran ceasefire announcement, marking the steepest oil drop since the 1991 Gulf War. The selloff reflects hopes Iran will reopen the Strait of Hormuz, which handles 25% of maritime oil trade, though analysts warn shipping companies need stronger assurances before resuming tanker operations. US gasoline remains elevated at $4.16 per gallon, up from $2.98 before the conflict, while Middle Eastern producers had cut 7 million barrels daily in March.