Oil prices tumbled on Wednesday after the U.S. and Iran announced a two-week ceasefire.Credit: Thomas G Weber / Getty Images Key Takeaways Oil prices slumped on Wednesday on hopes that a two-week ceasefire in Iran could pave the way to a resumption of oil production and flows in the Middle East. Experts warn that production cuts across the region will take time to undo, restricting supply, while the global race to replenish inventories will boost demand, keeping prices elevated. It took Iran no tim ...