DILI, 08 April 2026 (TATOLI) – Global oil prices dropped sharply after the United States and Iran agreed to a conditional two‑week ceasefire that would include reopening the strategically vital Strait of Hormuz, easing fears of a broader supply disruption.
The Benchmark Brent crude fell roughly 13% to $94.80 a barrel, while U.S. crude futures dropped more than 15% after hours to below $95.
The decline marks a sharp move but remains well above pre-conflict levels, with Brent settling at $67.02 on February 27, before the war began. Brent futures, the global benchmark, recorded a 13.75% drop to $94.68.
On Tuesday, Donald Trump announced on his social media that Washington had secured a two-week ceasefire agreement with Iran, stepping back from earlier threats of a major attack that could devastate the country, following discussions with Pakistan’s Prime Minister Shehbaz Sharif and Army Chief Field Marshal Asim Munir, who had urged restraint amid rising regional tensions.
Although Trump highlighted it in a post on his social platform, Iran maintained that the truce was only a short‑term pause, not a permanent end to hostilities.
“This is not the end of the war but all military branches should follow the Supreme Leader order and cease their fire,” according to a statement read out on state-run news channel IRIB.
Trump described the move as part of a broader effort to de-escalate the situation and advance negotiations toward a longer-term settlement.
“This will be a double sided CEASEFIRE!” he said, adding that the United States had “already met and exceeded all Military objectives” and was “very far along with a definitive Agreement concerning Longterm PEACE with Iran, and PEACE in the Middle East.”
TATOLI
