The Globe and Mail reports in its Thursday, April 9, 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. However, 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.). International benchmark 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 a panic premium from the price of oil, but not the risk premium, warned Rystad Energy's Janiv Shah in a market update. Physical markets remain tight, he noted.