Oil and Gas Prices Plunge After US, Iran Agree to Ceasefire Deal

Oil and gas prices both plummeted after the US and Iran agreed to a two-week ceasefire deal aimed at halting the American-Israeli military campaign, with the White House announcing the US would hold direct talks with Iran in a bid to end the six-week conflict.

Brent fell 13% to settle under $95 a barrel, with West Texas Intermediate futures closing just behind. European natural gas futures also ended lower after posting their biggest intraday decline in more than two years, shedding as much as 20%.