Oil prices plummeted by as muc

Oil prices plummeted by as much as 15% to 20% today, Wednesday, April 8, 2026, dropping well below the $100 per barrel mark. This massive sell-off was triggered by a sudden de-escalation in Middle East tensions.

Key Drivers of the Crash

US-Iran Ceasefire: President Trump announced a two-week provisional ceasefire with Iran. This deal was brokered just hours before a US-imposed deadline that threatened significant strikes against Iranian infrastructure.

Reopening of the Strait of Hormuz: As part of the agreement, Iran committed to ensuring safe passage through the Strait of Hormuz for the duration of the ceasefire. Since roughly 20% of the world's oil supply passes through this narrow waterway, the news immediately removed the "war risk premium" that had been propping up prices.

Oil Rebounds: Can It Stabilize Within Ceasefire Window?

USO edged up 1.91% to $126.96, staging a technical recovery after yesterday's near-10% plunge as the geopolitical risk premium tied to the U.S.-Iran ceasefire window nears exhaustion. OPEC+ production increase expectations and slowing global demand growth continue to weigh on the medium-term outlook, with $130 as near-term resistance. Outcome would be agreement extension? Or breakdown-driven rebound?

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