The price of WTI crude oil crashed overnight after US President Donald Trump declared that he had delayed his threat to attack Iran’s infrastructure by two weeks. 

He describes what he calls a “double-sided ceasefire” contingent on Iran opening the Strait of Hormuz to allow oil supplies to flow back through.

The latest update has renewed hopes that the two nations may be moving toward a ceasefire agreement to end the conflict.

The announcement saw the price of WTI crude oil plummet below US$95 per barrel this morning, down from over US$117 per barrel yesterday, according to Trading Economics data.

The prices for Brent oil, gasoline, and heating oil have also dropped significantly.

The latest market shift has acted as a tough…