Global oil prices have fallen sharply since President Donald Trump announced a two-week ceasefire between the US and Iran if vessels are allowed to move through the key Strait of Hormuz waterway.

Brent crude is down 15.5% at $92.80 (£69.32) a barrel, while US-traded oil was almost 16.5% lower at $93.80.

But prices remain higher than before the conflict started on 28 February.

The cost of energy has jumped as oil and gas supplies from the Middle East have been severely disrupted by Iranian threats to attack ships trying to use the strait in retaliation for US and Israeli airstrikes.

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.

The UN's chief says he is "deeply troubled" by such statements, as the US president ramps up pressure on Iran to agree a deal to end the war.

Migrant workers say they are struggling to access cooking gas cylinders as the Iran war squeezes supplies.

The US can do a lot of damage to civilian infrastructure but military experts say it's not feasible to carry out all Trump's threats.

The US president issued the warning to Iran if it does not reach a deal on reopening the Strait of Hormuz by his deadline.

Tehran had urged people to gather outside potential US and Israeli targets after Donald Trump threatened to attack civilian infrastructure.