Kathmandu. Crude oil prices have fallen in the international market after the US and Iran agreed to a two-week temporary ceasefire. According to international media, the price of oil has been reduced by up to 15 percent in the market after the ceasefire was agreed.

Crude oil prices fell sharply after US President Donald Trump announced that he would postpone a possible attack on Iran.

In the international market, the price of crude oil fell by more than 15 percent in a single day, falling below $ 95 a barrel. Earlier, due to the escalation of tensions in the Middle East, the same price reached $ 115. The ceasefire has reduced uncertainty in the market. Investors are now hoping that the supply of oil will be easier.

Oil prices fell on the market, especially on expectations of the resumption of the Strait of Hormuz. This waterway is one of the world’s most important oil shipping routes, through which large quantities of crude oil are transported.

According to international media, Iran has pledged to keep the waterway safe during the ceasefire and not to obstruct the movement of oil ships. As a result, it is expected that the supply problem that has been seen for some time will be resolved gradually.

The fall in oil prices is expected to have a positive impact on the global economy. It is believed that the cost of production and transportation will be reduced, which will help control price rise in many countries. This could be a relief, especially for import-dependent countries like Nepal.

However, this situation is not long-term. Since the ceasefire is temporary, oil prices are likely to rise again if tensions rise again.