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Oil Prices Plummet as Trump Announces Temporary Ceasefire with Iran

KVIA•Wednesday, April 8, 2026 at 4:43 AM•CNN Newsource

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Oil prices saw a significant decline on Tuesday following President Donald Trump's announcement of a two-week ceasefire with Iran, raising hopes for increased oil traffic through the crucial Strait of Hormuz. U.S. crude futures dropped over 15%, falling below $95 per barrel, while Brent crude futures fell by 13.75% to $94.68. This shift in the oil market coincided with a surge in U.S. stock futures, with the Dow Jones rising over 1,000 points. Despite the positive market reactions, analysts remain cautious about the long-term implications of the ceasefire, emphasizing that the situation in the Strait of Hormuz remains uncertain. The ceasefire was agreed upon just hours before a deadline set by Trump, who stated that it hinges on the reopening of the Strait.

Key Details: • U.S. crude futures fell below $95 per barrel, a drop of over 15%. • Brent crude futures decreased to $94.68, down 13.75%. • Dow Jones futures increased by over 1,000 points, or approximately 2.2%. • The ceasefire is temporary and does not guarantee long-term peace. • The situation in the Strait of Hormuz remains critical for global oil supply.

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