Global: Oil prices plummeted on Wednesday, falling between 13% and 17%, following the agreement on a two-week ceasefire between the United States and Iran. Trading data showed that Brent crude futures for June delivery dropped 12.6% to $91.92 a barrel, marking its lowest level since March 23, and falling below $92 for the first time since the end of last month. West Texas Intermediate (WTI) crude futures for May delivery also saw a decline, dropping 16.6% to $94.10 a barrel.
According to Yemen News Agency, the ceasefire was announced earlier on Wednesday by Pakistani Prime Minister Shahbaz Sharif. The agreement between Iran and the United States called for an immediate halt to hostilities in all areas, taking effect at 3:30 AM on Wednesday, April 8, 2026. The announcement has had an immediate impact on global oil markets, leading to the significant drop in oil prices observed.