Oil prices plunged more than 10% at the close of the international market.

The May contract of WTI crude oil negotiated in New York Mercantile Exchange (Nymex) It ended this Monday (23) with a significant drop of 10.28%, quoted at US$ 88.13/barrel. The expiry of the same month for the Brent fell 9.86% in Intercontinental Exchange (ICE), trading at US$ 95.92/barrel. 

In this trading session, fuel prices were pressured after US President Donald Trump announced that he had ordered the Department of Defense to… Suspension of all air strikes against power plants in Iran. for five days. 

In a post on their social media, Social TruthThe US president stated that the decision came after two days of "very good and productive talks" to end the conflict in Middle EastHowever, Trump stated that the suspension of the bombings depends on the success of the ongoing meetings. 

Furthermore, the market reacted to the statement made by the CEO of International Energy Agency (IEA)Fatih Birol, in a press conference, stated that the organization is considering releasing more oil reserves.

 The IEA is consulting with Asian and European governments to reach a verdict on the measure. The main reason for considering a new release is due to the military conflict that has drastically affected the logistics of exporting production. petroleum and its derivatives through Strait of Hormuz.

This text was translated by machine from Brazilian Portuguese.