Crude slides as ceasefire hopes ease supply fears

NEW YORK CITY, New York: Oil prices dropped sharply below US100 a barrel on April 8 as signs of a temporary de-escalation in the Iran conflict prompted investors to unwind positions built on supply fears. Markets reacted after U.S. President Donald Trump said he had agreed to a two-week ceasefire with Iran, contingent on the immediate and safe reopening of the Strait of Hormuz.