Oil plunges below $100 after unexpected US–Iran ceasefire
Global oil prices dropped sharply following a statement by U.S. President Donald Trump on a conditional ceasefire agreement with Iran, Qazinform News Agency reports.
According to the latest trading data, WTI crude fell by more than 15% to around $95.7 per barrel, while Brent declined by about 14%, dropping below $94.
The sharp decline came after the White House announced readiness to suspend military operations against Iran for two weeks, provided that safe navigation through the Strait of Hormuz is immediately restored.
“This will be a double-sided CEASEFIRE!” Donald Trump wrote on social media, marking a shift from his earlier hardline rhetoric.
Iran’s Foreign Minister Abbas Araqchi confirmed that Tehran is prepared to halt attacks on the condition that strikes against Iran cease and transit through the strait is coordinated by Iranian forces.
In turn, Pakistan’s Prime Minister Shehbaz Sharif announced the agreement and invited both sides for further negotiations.
With the greatest humility, I am pleased to announce that the Islamic Republic of Iran and the United States of America, along with their allies, have agreed to an immediate ceasefire everywhere including Lebanon and elsewhere, EFFECTIVE IMMEDIATELY.
— Shehbaz Sharif (@CMShehbaz) April 7, 2026
I warmly welcome the…
Despite the breakthrough, tensions in the region remain high. Several Gulf states have reported missile launches, drone activity, and civil defense alerts.
Although oil prices have fallen below the $100 mark, they remain significantly elevated following the record surge in March. This is largely due to persistent geopolitical risks linked to the Strait of Hormuz, which are expected to remain in the foreseeable future.
Earlier, Qazinform News Agency reported that Donald Trump had warned Iran could be “taken out” in one night if it failed to meet U.S. demands and reopen the Strait of Hormuz.
