Big moment for oil but fall in fuel prices will take time

Osmond ChiaBusiness reporter, in Singapore Oil prices have fallen sharply since President Trump's ceasefire announcement, now trading well under $100 a barrel. Traders had been watching this moment "extremely closely" for a "concrete commitment" to reopen the Strait of Hormuz, Ye Lin from research firm Rystad Energy told the BBC. She said much of the recent oil price surge, driven by risks to Gulf shipping, "collapsed almost instantly" after the announcement. "