Crude oil prices plunge massively below $100/barrel after Trump announces ceasefire

Author: Ogaga AriemuPublished on: April 8, 2026Country: Nigeria

PoliticsBusiness & Economy

Crude oil prices plunge massively below $100/barrel after Trump announces ceasefire

Oil prices plunged below $100 in early Asian trading after President Trump announced a conditional two-week ceasefire agreement with Iran. West Texas Intermediate dropped by 14.44% to trade at $96.64, while Brent Crude fell to $95. This drop followed Trump's commitment to suspend military operations if Iran restores safe passage through the Strait of Hormuz.

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