Oil prices plunge 15% to below $100, stocks surge and dollar slumps after Trump announces US-Iran ceasefire – as it happened

Oil prices drop most since pandemic while gas prices slide 20%; government bond yields fall sharply as rate hike expectations recedeDespite the sharp drop in crude oil prices today, Mohit Kumar, chief European economist at Jefferies, does not expect oil prices to go back to pre-war levels anytime soon, and warned it could take months for energy supply to return to normal levels.Here are his thoughts.We would view the Iran 10 point proposal positively and do think that it could become the basis for further negotiations. The important background is that Trump really wants a deal and wants to get out of the war and hence would be open for negotiations.The two contentious elements from the Iran proposal are 1) no mention of nuclear deal 2) the proposal to charge a fee which would be unacceptab