Buyers are still looking for cargoes that can bypass Hormuz.

U.S. president Donald Trump’s 11th hour decision on Tuesday to suspend bombing Iran’s energy infrastructure for two weeks in exchange for safe passage of oil tankers through the Strait of Hormuz caused West Texas Intermediate to plummet by a massive 19 percent, to $91.64 per barrel.

Trump stated on Truth Social, “We received a 10 point proposal from Iran, and believe it is a workable basis on which to negotiate.”

This came on the heels of a statement from Iran’s foreign minister that the country’s Supreme National Security Council agreed to reopen the Hormuz for two weeks as long as all attacks are halted.

But Jay Woods, chief market strategist for Freedom Capital Markets, echoed the sentiments of war-weary analysts by stating, “The concern now is if this all too familiar ‘two-week’ timeframe is going to lead to a resolution.”

Bloomberg noted  that “ A year ago, Trump ultimately backed off many of the stiff tariffs that he initially threatened to put on imports from other countries, though they ended up higher than from before his second term.”

Earlier on Tuesday, Dated Brent rose above $144 per barrel, with some cargoes pricing north of $150 as refiners scrambled for supply; also Morgan Stanley observed that buyers were looking for cargoes that could be loaded immediately and move without relying on the Hormuz.

Meanwhile, the American Petroleum Institute estimated that U.S. crude inventories rose 3.7 million barrels in the week ending April 3, compared to expectations for a 1.5 million barrel draw.