Oil prices dip below $100 after US‑Iran ceasefire
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- Oil prices fell below US$100 a barrel on Wednesday, April 8.
- United States and Iran agreed to a two‑week ceasefire that will temporarily reopen the Strait of Hormuz.
- Donald Trump announced a two‑week halt to attacks, saying he had received a “workable” 10‑point proposal.
- Iran later confirmed it would allow safe passage through the Strait, which carries about one‑fifth of global oil and gas.
Why it matters: The sub‑$100 crude price cuts fuel costs for airlines, shipping and refineries, boosting their margins, while oil‑producing nations see revenue declines; the ceasefire also calms markets, spurring a stock rally and weakening the dollar against the yen, euro and pound.
