International oil prices plummeted by nearly 16% this Wednesday, and markets are recovering after the ceasefire agreed upon by the United States and Iran in the Middle East war, which includes the reopening of the Strait of Hormuz. Brent, the benchmark for Europe, fell 15.9% during the day, trading around $94 per barrel, while the U.S. benchmark West Texas Intermediate (WTI) crude fell 13.8% and hovered around $95 per barrel. Both benchmark indices had started the week with strong gains that pushed prices close to the $110 zone due to the escalation of the conflict, but with the announcement of a two-week ceasefire, the rally was reversed. The correction in the value of crude is linked to the truce in the Middle East war and the guarantee of free circulation through the Strait of Hormuz. Similarly, stock exchanges in Paris rose 4.5%, Frankfurt 4.7%, Milan 3.8%, and London 2.8%. In Asia, gains were also recorded in the main markets. Tokyo ended the session up 5.4%, and Hong Kong up 3%. The Euro Stoxx 50 index climbed 4.9%, and in Spain, the Ibex 35 rose 3.9%, surpassing the 18,100-point mark. In this way, the Dutch TTF futures contract, considered the European benchmark, fell to 45 euros per megawatt-hour. U.S. President Donald Trump communicated in recent hours that he “accepts suspending bombings and attacks against Iran for two weeks.” In this context, the main markets are recovering.
