Washington: Oil prices fell below $100 a barrel after US President Donald Trump announced his agreement to a two-week ceasefire with Iran.

According to Qatar News Agency, Brent crude fell by $14.84, or 13.6 percent, to $94.43 a barrel. US West Texas Intermediate (WTI) crude also declined by $16.13, or 14.3 percent, to $96.82 a barrel.