Oil prices fell below the $90 per barrel mark on Friday following the cancellation of planned U.S. Military strikes against Iran. According to The Times of India, WTI Crude stood at 86.73, down 0.98 or 1.12%, while Brent Crude was at 89.45, down 0.93 or 1.03%. Fox News reported that the cancellation of the strikes led to a significant drop in oil prices and a positive reaction in the stock market. During a tele-rally, President Donald Trump stated that Washington reached a framework agreement with Iran and declared that the “war has ended today.” He indicated that he expects an agreement to be signed over the next few days and stated that the Strait of Hormuz would reopen once a deal is finalized. The Times of India noted that Trump had previously threatened to hit Iran “very hard” before calling off the strikes on Thursday as discussions progressed. The situation follows a period of heightened tension where Iran announced the closure of the Strait of Hormuz on Wednesday, warning that vessels attempting to pass would come under fire. The Times of India reported that this blockade had kept oil prices elevated, as the strait normally carries a fifth of global oil and liquefied natural gas shipments. However, the U.S. Military stated on social media that commercial ships continued to transit the waterway. While the U.S. President announced the framework, Iran’s semi-official Fars news agency reported that Tehran had not approved the text of any agreement. The Times of India noted that the conflict, which began on February 28 with joint U.S. And Israeli strikes on Iran, had kept prices above the $100 per barrel mark compared to pre-conflict levels of $70 per barrel. Fox News reported that experts Lou Basenese and Jessica Inskip analyzed the geopolitical implications of these events on “America Reports.”