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Crude prices tumbled by as much as 15% on the conditional pause but is higher than before the war.
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The price of benchmark Brent crude fell by about 13% to $94.80 (£70.73) a barrel, while US-traded oil was more than 15% lower at $95.75.
But oil prices remain higher than before the conflict started on 28 February. At the time, it was trading at around $70 a barrel.
The cost of energy has jumped as oil and gas supplies from the Middle East have been severely disrupted after Iran threatened to attack ships trying to use the strait in retaliation to US and Israeli airstrikes.
Major stock indexes in the Asia-Pacific region rose on Wednesday morning.
Japan's Nikkei 225 gained by 5% while South Korea's Kospi jumped by nearly 6%. Hong Kong's Hang Seng was up by 2.8%, while the ASX 200 in Australia gained 2.7%.
US stock market futures also pointed to a higher open for Wall Street.
Futures contracts are an agreement to buy an asset for a set price at a later point in time. In the case of US stock futures, they can indicate the direction of the market before it opens.
In a social media post on Tuesday evening, Trump said: "I agree to suspend the bombing and attack of Iran for a period of two weeks... subject to the Islamic Republic of Iran agreeing to the COMPLETE, IMMEDIATE, and SAFE OPENING of the Strait of Hormuz".
He had set a deadline for 20:00 EDT on Tuesday (00:00 GMT on Wednesday), threatening that "a whole civilisation will die tonight" if no deal was reached.
Iranian Foreign Minister Abbas Araghchi said on social media that Tehran will agree to a ceasefire "if attacks against Iran are halted", adding that safe passage through the Strait of Hormuz "will be possible".
Despite his threats, Trump was likely to be wary about letting energy prices "skyrocket" by escalating the conflict, said Xavier Smith from market research firm AlphaSense.
That could have led to a "self-inflicted economic wound" that few woul
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