Oil prices dropped sharply and global stock markets surged after the United States and Iran agreed to a conditional two-week ceasefire, reported by AFP and CBS. The agreement is expected to temporarily reopen the Strait of Hormuz, easing pressure on global energy supplies.
According to the report, U.S. crude and Brent oil both fell below $100 per barrel, marking a steep decline after weeks of war-driven price spikes. Despite the drop, prices remain elevated compared to pre-conflict levels.
Crude prices plunge after US–Iran ceasefire announcement
— The Cradle (@TheCradleMedia) April 8, 2026
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Oil prices dropped below $100 per barrel on Wednesday after US President Donald Trump announced he had agreed to a two-week ceasefire with Iran, contingent on the immediate and secure reopening of the Strait of Hormuz.… pic.twitter.com/EXCiKTAfoK
The report said investor sentiment improved significantly, triggering a broad rally in global equities. Major Asian markets, including Seoul, Tokyo and Mumbai, posted strong gains, while European and U.S. markets also climbed.
Middle Eastern markets joined the surge, with Dubai recording its biggest intraday jump in years.
Analysts say the ceasefire has provided temporary relief to markets that had been rattled by supply disruptions and geopolitical uncertainty, though risks remain if tensions escalate again.
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TIPP Staff
