{"url":"https://www.bloomberg.com/news/articles/2026-04-07/latest-oil-market-news-and-analysis-for-april-8","title":"Oil Slumps Below $100 on Iran Ceasefire Deal","domain":"bloomberg.com","imageUrl":"https://images.pexels.com/photos/6546299/pexels-photo-6546299.jpeg?auto=compress&cs=tinysrgb&h=650&w=940","pexelsSearchTerm":"oil barrels","category":"World","language":"en","slug":"d4bcc9c8","id":"d4bcc9c8-c282-4f1d-acd8-eec01eb80f0c","description":"Oil prices plunged below $100 a barrel after Trump agreed to a two-week ceasefire with Iran tied to reopening the Strait of Hormuz.[[1]](https://www.bloomb","summary":"## TL;DR\n- Oil prices plunged below $100 a barrel after Trump agreed to a two-week ceasefire with Iran tied to reopening the Strait of Hormuz.[[1]](https://www.bloomberg.com/news/articles/2026-04-07/latest-oil-market-news-and-analysis-for-april-8)\n- WTI fell as much as 17% to $94.20 while Brent settled around $109 after prior gains.[[1]](https://www.bloomberg.com/news/articles/2026-04-07/latest-oil-market-news-and-analysis-for-april-8)\n- Ceasefire eases supply fears from Hormuz closure but full recovery of 9 million bpd output will take months.[[1]](https://www.bloomberg.com/news/articles/2026-04-07/latest-oil-market-news-and-analysis-for-april-8)\n\n## The story at a glance\nOil prices dropped sharply after US President Donald Trump postponed attacks on Iran for two weeks as part of a ceasefire deal requiring Tehran to reopen the Strait of Hormuz. The waterway's partial closure had disrupted a fifth of global oil and LNG flows since late February. Iran accepted a Pakistan ceasefire proposal, with Israel suspending strikes during talks, according to reports from the New York Times and CNN.[[1]](https://www.bloomberg.com/news/articles/2026-04-07/latest-oil-market-news-and-analysis-for-april-8)[[2]](https://www.reuters.com/world/china/global-markets-global-markets-2026-04-07)\n\n## Key points\n- West Texas Intermediate for May delivery fell 17% to $94.20 a barrel in early Singapore trading after a 0.5% gain the prior day; Brent for June added 0.5% to $109.77 on Tuesday.[[1]](https://www.bloomberg.com/news/articles/2026-04-07/latest-oil-market-news-and-analysis-for-april-8)\n- US struck non-energy sites on Iran's Kharg Island ahead of an 8 p.m. ET deadline, sparing infrastructure.[[1]](https://www.bloomberg.com/news/articles/2026-04-07/latest-oil-market-news-and-analysis-for-april-8)\n- Strait closure expected to shut in over **9 million barrels a day** of Middle East oil output in April, per US estimates; WTI up nearly 50% since conflict start.[[1]](https://www.bloomberg.com/news/articles/2026-04-07/latest-oil-market-news-and-analysis-for-april-8)\n- Trump called the ceasefire conditional on Hormuz reopening to \"finalize and consummate\" an agreement.[[1]](https://www.bloomberg.com/news/articles/2026-04-07/latest-oil-market-news-and-analysis-for-april-8)\n- Vice President JD Vance expressed confidence in Iran's response but hinted at potential larger military action.[[1]](https://www.bloomberg.com/news/articles/2026-04-07/latest-oil-market-news-and-analysis-for-april-8)\n\n## Details and context\nThe Strait of Hormuz normally handles about 20% of world oil and LNG shipments, making its near-closure a major supply shock since the US-Israel conflict began on February 28.[[1]](https://www.bloomberg.com/news/articles/2026-04-07/latest-oil-market-news-and-analysis-for-april-8) Restarting shut-in wells, moving crews and vessels, and restocking refineries could take months even if flows resume soon.[[1]](https://www.bloomberg.com/news/articles/2026-04-07/latest-oil-market-news-and-analysis-for-april-8)\n\nPakistan sought a last-minute extension of the US deadline, contributing to market volatility.[[3]](https://www.bloomberg.com/news/articles/2026-04-07/latest-oil-market-news-and-analysis-for-april-8?srnd=phx-markets) Related updates include Brent hitting a record $144 in physical markets, heavy bids in key pricing amid war supply hits, and OPEC output falling the most in decades last month.[[1]](https://www.bloomberg.com/news/articles/2026-04-07/latest-oil-market-news-and-analysis-for-april-8)\n\nTrump's rhetoric escalated with threats like \"a whole civilization will die tonight,\" but the pause marks a de-escalation step.[[1]](https://www.bloomberg.com/news/articles/2026-04-07/latest-oil-market-news-and-analysis-for-april-8)\n\n## Key quotes\n“The physical system won’t snap back quickly,” said Robert Rennie, head of commodity research at Westpac Banking Corp. “Restarting shut-in wells, repositioning crews and vessels, and rebuilding refinery inventories will take months.”[[1]](https://www.bloomberg.com/news/articles/2026-04-07/latest-oil-market-news-and-analysis-for-april-8)\n\n## Why it matters\nThe ceasefire offers short-term relief from supply disruptions that spiked prices and strained global energy markets. For consumers and businesses, it could slow gasoline price rises—US averages hit over $4 a gallon amid the war—but recovery lags mean costs stay elevated.[[4]](https://www.wsj.com/finance/commodities-futures/oil-futures-rise-amid-increased-supply-disruption-concerns-63eb5bd7) Watch if Iran fully reopens Hormuz and negotiators seal a deal in two weeks, as failure could reverse gains and reignite volatility.[[1]](https://www.bloomberg.com/news/articles/2026-04-07/latest-oil-market-news-and-analysis-for-april-8)","hashtags":["#oil","#markets","#energy","#geopolitics","#iran","#straitofhormuz"],"sources":[{"url":"https://www.bloomberg.com/news/articles/2026-04-07/latest-oil-market-news-and-analysis-for-april-8","title":"Original article"},{"url":"https://www.reuters.com/world/china/global-markets-global-markets-2026-04-07","title":""},{"url":"https://www.bloomberg.com/news/articles/2026-04-07/latest-oil-market-news-and-analysis-for-april-8?srnd=phx-markets","title":""},{"url":"https://www.wsj.com/finance/commodities-futures/oil-futures-rise-amid-increased-supply-disruption-concerns-63eb5bd7","title":""}],"viewCount":2,"publishedAt":"2026-04-08T09:36:45.983Z"}