European oil and gas equities are retreating sharply today after the United States and Iran agreed to a two-week ceasefire, sending energy prices into a tailspin following a period of robust gains.

Equinor is shedding 13 percent, while Norwegian peers Vår Energi and Aker BP are down 12 percent and 10 percent respectively. On the Swedish market, IPC is sliding nearly 12 percent, while Meren Energy is losing almost 9 percent.

Within the sector, BP, Shell, Eni, TotalEnergies, and Repsol are also trading lower.

Brent crude has dropped approximately 13 percent to just under 95 dollars per barrel following the announcement, while WTI retreated 15 percent.

The European oil and gas index is down 4.3 percent, making it the day's worst-performing sector.