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Originally published by Capital Business
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business
April 8, 2026
4h ago

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

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

The price of benchmark Brent crude fell by about 15.9% to $92.30 a barrel, while US-traded oil was almost 16.5% lower at $93.80. Kenya breaking news | Kenya news today |..

✨ Key Highlights

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.

  • Brent crude fell by approximately 15.9% to $92.30 a barrel.
  • Key figures involved include President Trump and Iranian Foreign Minister Abbas Araghchi.
  • The agreement was reached after weeks of disrupted energy supplies and tensions following airstrikes.

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