Oil prices plunged below $100 in early Asian trading on Wednesday after President Trump announced a conditional two-week ceasefire agreement with Iran.

At the time of filing this report on Wednesday morning, West Texas Intermediate had dropped by 14.44% to trade at $96.64, while Brent Crude had fallen to $95, down 12.97% the previous day.

The dramatic selloff came on the back of Trump committing to a two-week suspension of military operations against Iran if the country immediately restores safe passage through the Strait of Hormuz.

“This will be a double-sided CEASEFIRE!” Trump said on social media, marking a sharp reversal from his earlier warning that “a whole civilization will die tonight” if Iran failed to comply with U.S. demands.

Earlier, DAILY POST reported that Iran’s Foreign Minister, Abbas Araqchi, confirmed that Tehran would halt attacks provided strikes against Iran cease and transit through the Strait is coordinated by Iranian forces.

The drop in crude prices after its earlier hit the rooftop to over $105 per barrel after Trump gave his final warning to Iran over the Strait of Hormuz reopening. The spike in crude prices had earlier made the Dangote Refinery increase its gantry petrol price on Tuesday to N1,275 per liter.

With Wednesday’s drop in crude prices, the 650,000-barrel-per-day refinery is expected to reduce its petrol price to bring respite to Nigerians currently buying petrol within N1290 per liter and N1350 per liter in Abuja.