US oil prices fall over 18% after Trump agrees to two-week ceasefire with Iran

Published April 8, 2026 7:19am ET



Oil prices plummeted on Tuesday evening and into Wednesday morning as the energy market reacted to news of a ceasefire in the U.S-Israeli war with Iran.

After President Donald Trump and Iran’s Supreme National Security Council announced they each agreed to the ceasefire, West Texas Intermediate crude oil futures dropped under $100 per barrel to its lowest point since late March.

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