Oil Plunges After US-Iran Ceasefire Deal to Reopen Strait of Hormuz - April 2026

Global oil prices have plunged following a conditional two-week ceasefire agreement between the United States and Iran, which includes the reopening of the vital Strait of Hormuz. Drivers in parts of Baringo County are experiencing a diesel shortage, with reports linking the supply chain disruptions to ongoing tensions in the Middle East. Airlines worldwide are implementing emergency measures, including cutting flights and increasing fares, in response to a surge in jet fuel prices stemming from the US-Israeli conflict with Iran.

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Oil plunges after US-Iran ceasefire deal to reopen Strait of Hormuz

Global oil prices have plunged and stock markets have surged following a conditional two-week ceasefire agreement between the United States and Iran, which includes the reopening of the vital Strait of Hormuz.