The Globe and Mail reports in its Thursday edition that oil prices fell over 15 per cent on Wednesday after Iran, the United States and Israel agreed to a two-week ceasefire. The Globe's Brent Jang and Jeffrey Jones write that the countries announced a ceasefire deal shortly before President Donald Trump threatened to annihilate the Iranian civilization. Iran said it will charge ships to travel through the strait, through which a fifth of the world's crude oil and liquefied natural gas normally passes. Details about such a toll remain unclear, and it is not yet known whether vessels will see the passage as safe. Oil prices fell below $100 a barrel in the biggest drop since the start of the pandemic, though they pared losses through the session (all figures U.S.). Brent crude closed $14.52 lower at $94.75 a barrel. West Texas Intermediate sank $18.54 to settle at $94.41 a barrel. Prices have not fallen back to prewar levels, however. That shows the ceasefire has eliminated the panic premium from the price of oil, but not the risk premium. Physical markets remain tight; on the physical side of things, nothing has changed. "It doesn't appear that passage through the Strait of Hormuz has opened up," said Capital Markets.