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Oil and Gas Prices Plunge After US and Iran Agree to Ceasefire
Posted
April 9, 2026
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1:40Now PlayingOil and gas prices both plummeted after the US and Iran agreed to a two-week ceasefire aimed at halting the American-Israeli military campaign in exchange for a reopening of the Strait of Hormuz. #iran #worldnews #politics #trump #usa #israel
Brent fell as much as 17% before trading around $92 a barrel, while European natural gas futures posted their biggest decline in more than two years, shedding as much as 20%. Prices of refined fuels such as diesel and jet fuel — which had been the biggest threats to global inflation — also tumbled.
Much will now depend on how quickly transit through Hormuz can resume. It’s the route for about a fifth of global oil and liquefied natural gas supplies, and the near-halt of traffic has pushed prices for real-world crude to a record. Faced with an unprecedented disruption to flows, the world is rapidly running down supply buffers to offset the loss.
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