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Wed, 08 Apr 2026

Wed, 08 Apr 2026 Oil plunges after US-Iran ceasefire deal to reopen Strait of Hormuz

The agreement was announced not long before Trump's Tuesday evening deadline was reached.

* Oil prices have fallen by around 13% to $94.80 (£70.73) a barrel after US and Iran agreed to a conditional two-week ceasefire deal.
* Brent crude prices are still higher than before the conflict started on February 28, when they were trading at around $70 a barrel.
* Stock markets in Asia-Pacific region have risen: + Japan's Nikkei 225 gained by 5% + South Korea's Kospi jumped by nearly 6% + Hong Kong's Hang Seng was up by 2.8% + Australia's ASX 200 gained 2.7%
* US stock market futures point to a higher open for Wall Street.
* The ceasefire includes the reopening of the key Strait of Hormuz waterway, which has been closed due to tensions between the two countries.
* Iran will agree to a ceasefire if attacks against it are halted, and safe passage through the strait "will be possible".
* Energy prices remain high due to disruptions to oil and gas supplies from the Middle East.
* It could take months for production to restart in the region due to damage done to energy infrastructure.
* The conflict has had significant economic implications, particularly for Asian countries that rely heavily on energy imports.