Crude prices plunge, stocks surge as US and Iran agree ceasefire

Author: Akinbayo WahabPublished on: April 8, 2026Country: United States

PoliticsBusiness & Economy

Crude prices plunge, stocks surge as US and Iran agree ceasefire

Oil prices fell after the United States and Iran agreed to a two-week ceasefire, allowing the reopening of the Strait of Hormuz. President Donald Trump announced a halt to attacks, while Iran agreed to safe passage in the strait, crucial for global oil transport. Stock markets reacted positively, with significant gains in Seoul, Tokyo, and other major Asian cities.

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