Business 8 April 2026 Daily Monitor (Uganda)
Oil Prices Plunge Below $100 as Trump Secures Two-Week Ceasefire with Iran
Global oil prices dropped sharply below $100 per barrel following U.S. President Donald Trump's announcement of a two-week ceasefire with Iran, contingent on reopening the Strait of Hormuz. The decline was amplified by a larger-than-expected rise in U.S. crude inventories. Source: https://www.monitor.co.ug/uganda/news/world/oil-tumbles-below-100-after-trump-announces-two-week-ceasefire-5417162
Oil prices tumbled on Wednesday after U.S. President Donald Trump revealed a two-week ceasefire agreement with Iran, linked to the safe reopening of the Strait of Hormuz. This key waterway handles about 20% of global daily oil supply.
Brent crude futures fell 13.57% to $94.44 per barrel, while WTI futures dropped 15.87% to $95.03. Analysts attributed the sell-off to investor bets on de-escalation.
Trump’s announcement followed his deadline for Iran to reopen the strait or face attacks on its infrastructure. He shared on social media that it was a ‘double-sided ceasefire’ and noted Iran’s 10-point peace proposal as a basis for talks, including discussions on sanctions relief.
Iran’s Foreign Minister stated attacks would stop if strikes on Iran ceased, allowing coordinated safe passage through the strait for two weeks. A senior official indicated a limited opening might occur Thursday or Friday before U.S.-Iran talks in Pakistan.
Despite the deal, Iran struck Saudi Arabia’s East-West Pipeline, its main export route, and Gulf states reported missile and drone activity.
U.S. crude inventories climbed 3.1 million barrels to 464.7 million for the week ending April 3, exceeding forecasts and tempering some losses.
Experts warn oil prices will stay elevated until shipping normalizes.
Source: Daily Monitor (Uganda)