Business EconomyPosted at: Apr 8 2026 5:55PM


Oil markets swing back to pre-war levels post US-Iran ceasefire; uncertainty continues to linger

Washington, Apr 8 (UNI) Oil markets swung sharply lower today, following the US-Iran ceasefire, with prices sliding back to pre-war levels, while fears over prolonged supply disruptions eased among traders, with the Strait of Hormuz reopening temporarily, and resuming the rate of flows as before.
US West Texas Intermediate dropped nearly 20 per cent, while Brent crude slid as much as 16 pc, with both benchmarks retreating to around USD 95 per barrel in early trade.
The pullback, though steep, still leaves prices elevated compared to levels before the conflict began, indicating strong lingering uncertainty over how long the seemingly fragile truce might hold.
The move followed weeks of arbitrary fluctuations and spikes in oil prices, as crude pushed above USD 110 at points during the war, driven by the effective shutdown of a passage that carries roughly a fifth of global oil and liquefied natural gas supplies, reports CBS News.
With the ceasefire indicating a partial resumption of flows, markets quickly priced in a loosening of supply constraints.
Equity markets surged in tandem with falling crude prices, as investors responded with optimism amidst the uncertainties created by the war, that has rattled energy markets, as it enters a much longed for pause.
In Asia, Seoul led gains with a 6.9 pc jump, while Tokyo climbed 5.4 pc. Taipei rose more than 4 pc, while Mumbai advanced 3.8 pc, with Hong Kong also going up over 3 pc.
The rally spread across regions. European markets in London, Paris and Frankfurt extended gains through the session, while U.S. futures pointed sharply higher ahead of the opening bell.
In the West Asian markets, which have been particularly sensitive to the conflict's trajectory, Dubai's main index surged 8.5 pc, marking its biggest intraday gain since December 2014. Other regional exchanges also moved higher as investors recalibrated expectations around energy flows and geopolitical risk.
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