(L) A fuel pump displays prices at a gas station on April 06, 2026 in Miami, Florida. (Photo by Joe Raedle/Getty Images) / (Background) An American flag is displayed on a desk on the floor of the New York Stock Exchange (NYSE) in New York City. (Photo by ANGELA WEISS / AFP via Getty Images)
OAN Staff Addie Davis 12:07 PM – Wednesday, April 8, 2026
Oil prices have dropped significantly following President Donald Trump’s Tuesday evening announcement of a two-week ceasefire between the U.S. and Iran.
According to Trading Economics, WTI crude oil futures have plummeted by more than 16% to under $95 per barrel. This is a noteworthy decrease from prices reaching over $110 a barrel on Tuesday, according to data provided by the organization.
Brent crude oil prices have also gone down to under $95 per barrel. Nonetheless, despite the plunge, prices remain higher than before the conflict began — under $70 per barrel.
Meanwhile, the stock market has also jumped since Tuesday’s declaration of the ceasefire. The Associated Press reported that the S&P 500 leapt 2.1% following the announcement, and the Dow Jones Industrial Average was up 1,076 points as of Wednesday morning, though stock prices are still below pre-conflict levels.
The positive market response follows Trump’s Tuesday evening Truth Social post announcing a two-week ceasefire between the U.S. and Iran, with the condition of the Islamic Republic “agreeing to the COMPLETE, IMMEDIATE, and SAFE OPENING of the Strait of Hormuz.” This declaration came just before Trump’s deadline of Tuesday, 8:00 p.m. ET, for Iran to make a deal and open the Strait, or the U.S. would target energy infrastructure and bridges.
President Trump went on to post the official statement of Iran’s Minister of Foreign Affairs, Seyed Abbas Araghchi, in regard to the ceasefire.
“For a period of two weeks, safe passage through the Strait of Hormuz will be possible via coordination with Iran’s Armed Forces and with due consideration of technical limitations,” the minister said.
— Commentary: Trump Truth Social Posts On X (@TrumpTruthOnX) April 8, 2026
Trump also noted that the U.S. will be assisting with the buildup of traffic in the Strait.
“We’ll be loading up with supplies of all kinds, and ‘hangin’ around’ in order to make sure that everything goes well,” he added. “Just like we are experiencing in the U.S., this could be the Golden Age of the Middle East!!!”
A big day for World Peace! Iran wants it to happen, they’ve had enough! Likewise, so has everyone else! The United States of America will be helping with the traffic buildup in the Strait of Hormuz. There will be lots of positive action! Big money will be made. Iran can start the…
— Commentary: Trump Truth Social Posts On X (@TrumpTruthOnX) April 8, 2026
Though some ships have passed through the Strait following the ceasefire announcement, Iran has reportedly since halted traffic — citing Israeli strikes on Lebanon, which Iran maintains complicated the agreement.
The U.S. position: President Trump and Israeli Prime Minister Netanyahu have both clarified that the two-week truce applies only to direct hostilities between the U.S. and Iran. It does not include the ongoing Israeli operations against Hezbollah in Lebanon.
The Iranian position: Tehran maintains that the ceasefire was meant to be a broader regional de-escalation. Iranian Foreign Minister Abbas Araghchi has accused Israel of “sabotaging” the deal by continuing its offensive.
Stay informed! Receive breaking news blasts directly to your inbox for free. Subscribe here. https://www.oann.com/alerts
What do YOU think? Click here to jump to the comments!
