Energy & Environment — Oil prices plummet as Trump announces ceasefire

View Online Energy & Environment Energy & Environment The Big Story  Oil prices drop amid ceasefire Oil prices plummeted Wednesday after President Trump announced a two-week ceasefire with Iran. © AP Photo Futures for international benchmark Brent crude were down about 12 percent to about $97 per barrel.   While oil prices are still higher than before the war with Iran, the massive drop suggests markets are optimistic about the president’s ceasefire announcement. Trump said Tuesday that he would “suspend” attacks on Iran for two weeks, as long as Tehran agrees to keep the Strait of Hormuz open. The strait, which is on Iran’s coast, is a key oil shipping channel, with about 20 percent of the world’s oil passing through it on an average day. Since the start of the conflict, the strait has been mostly closed, with Iran threatening boats that cross through. This has sent oil prices soaring in recent weeks.   Read more about the ceasefire here, from The Hill's Mallory Wilson and read more about oil prices here, from me. Welcome to The Hill’s Energy & Environment newsletter, I'm Rachel Frazin  — keeping you up to speed on the policies impacting everything from oil and gas to new supply chains. Did someone forward you this newsletter? Subscribe here. Essential Reads  How policy will affect the energy and environment sectors now and in the future: Zeldin gives keynote address at climate skeptic conference Environmental Protection Agency (EPA) Administrator Lee Zeldin gave the keynote speech Wednesday at a conference hosted by a climate denial group.  Full Story Questions surround Strait of Hormuz opening as Iran contradicts US Conflicting messages from U.S. and Iranian officials about the status of the Strait of Hormuz are raising questions about what’s actually happening with the key oil shipping lane.  Full Story Iran demands $1 per barrel of oil passing through Strait of Hormuz, paid in crypto Iran will require ships passing through the Strait of Hormuz to pay the cryptocurrency equivalent of $1 per barrel of oil on board during the two-week ceasefire with the U.S, a key figure told the Financial Times.  Full Story What We're Reading  News we've flagged from other outlets touching on energy issues, the environment and other topics: March smashes record as most abnormally hot month for continental US, federal meteorologists say (The Associated Press) What Others are Reading  Two key stories on The Hill right now: Automatic registration for US military draft to begin in December Eligible men will automatically be registered into the military draft pool by December as part of an effort to streamline the previous process of self-registration and save money. Read more China, Russia sink UN vote on Strait of Hormuz; 10 countries join US in support A Bahrain-led resolution aimed at reopening the Strait of Hormuz failed at the United Nations on Tuesday, unable to withstand opposition from Russia and China despite attempts to weaken its provisions to win their support. Read more   You're all caught up. See you tomorrow!  Check out The Hill's Energy & Environment page for the latest coverage. Like this newsletter? Take a moment to view our other topical products here 📩 Privacy Policy  |  Manage Subscriptions  |  Unsubscribe  400 N Capitol Street NW Suite 650, Washington, DC 20001 Copyright © 1998 - 2026 Nexstar Media Inc. | All Rights Reserved.

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