Brent crude oil prices plunge over thirteen percent following U.S. and Iran ceasefire agreement

Apr 8, 2026, 6:58:28 PM UTC(1 day ago)

Impact: Very High

Affected Assets

Global benchmark Brent crude futures experienced their largest one-day percentage drop since the 1991 Gulf War, excluding the COVID-19 pandemic period
The sharp decline followed an announcement by President Trump regarding a two-week ceasefire framework between the United States and Iran mediated by Pakistan
Iran reportedly agreed to reopen the Strait of Hormuz, a critical waterway for twenty percent of global oil flows, provided all military attacks are halted
Market analysts noted that the diplomatic breakthrough prompted investors to rapidly exit defensive energy positions as the risk of a wider Persian Gulf conflict eased
European airline stocks surged between nine and thirteen percent in immediate reaction to the lower fuel cost outlook

BRENT CRUDE FUTURES SETTLE AT $94.75/BBL, DOWN $14.52, 13.29 PCT