Oil prices fell sharply on Wednesday by 14% to below $94 for Brent crude and 16% for American Texas crude to $94.75. Oil prices dropped to $94 after Iran agreed to allow safe passage through the Strait of Hormuz during a 15-day ceasefire. Oil exports through the strait have fallen sharply due to attacks. Francisco Blanch, an analyst at Bank of America, said that the oil market is still suffering from a severe shortage despite the decline in futures prices. Oil market expert De Han expects the average diesel price to reach new record levels within the next 72 hours. West Texas Intermediate (WTI) recorded its worst daily performance since April 27, 2020, falling by 16%.
