Trump's Ceasefire with Iran Leads to Oil Price Drop and Hopes of Global Supply Restoration

US President Donald Trump has put a brake on Iran's attacks for two consecutive weeks. After the US, Iran has also announced that it will not attack as long as the US ceasefire lasts. After this decision of both countries, the global oil market has seen a big change. After the break on attacks in the Middle-East, crude oil prices have fallen drastically, which has raised hopes of restoring global supply. Last week, Brent crude crossed $100 per barrel for the first time since May. On Monday morning, Brent crude fell by more than 8 percent to below $89 per barrel. US Ambassador to the United Nations Mike Waltz and Foreign Minister Marco Rubio claimed that Iran is "begging" for a deal and the attacks have been stopped to open the way for talks. However, Iran's Foreign Ministry Spokesman Esmaeil Baghaei rejected the US claims in a press conference held in Tehran. He said that Iran has not requested any peace talks with the US.