Oil prices plunge after Iran ceasefire agreement

(CNN, KYMA) - AAA says regular gas is averaging $4.16 a gallon, but oil markets are seeing some relief after the U.S. and Iran announced a ceasefire.

West Texas Intermediate (WTI) crude is trading below a hundred dollars a barrel, as of Wednesday morning.

That's an improvement over Tuesday when the U.S. benchmark topped 116. But, WTI is still well above the pre-war price.

The global oil benchmark is Brent crude. It's also below a hundred dollars a barrel Wednesday.

That has stocks rebounding in global and U.S. pre-market trading.

While there is good news for fuel prices, it doesn't mean the conflict with Iran is over.

President Donald Trump and Tehran say they've agreed to a two-week ceasefire. Sticking points remain for a more lasting agreement.

It's also still unclear when and how the Strait of Hormuz might reopen.