The price of Oil plummeted after the announcement of a ceasefire in the Middle East, this Tuesday (April 7, 2026). The WTI (West Texas Intermediate) futures contract for May delivery fell to US$91.46 per barrel at 8:24 pm Brasília time.
The drop of approximately 20% occurred after the president of the United States, (Republican Party), publish on its Truth Social profile the suspension of attacks on Iran for two weeks. The ceasefire is conditional on the complete, immediate and safe reopening of the Strait of Hormuz by Iran, which has confirmed the agreement.
The price of a barrel stopped rising around 6 pm Brasília time, when it was trading at US$ 110. The market reacted with news that talks for the agreement were progressing. Node At the time of Trump’s announcement at 7:32 pm, the value was US$105.96. At 9:37 p.m.,
Ceasefire
The announcement of the ceasefire took place less than established by Trump at 9 pm (Brasília time) for Iran to reopen the Strait. The president had threatened to bomb all of Iran’s bridges and power plants if its leaders did not meet the deadline.
The Strait of Hormuz, a central topic in negotiations between the US and Iran, is responsible for the traffic of approximately 20% of the world’s oil, in addition to natural gas and urea. The price of crude oil, jet fuel, diesel and gasoline rose during the war.
Trump declared that the United States has received a 10-point proposal from Iran that serves as a viable basis for negotiations. “Almost all of the various points of contention of the past have been agreed upon between the United States and Iran, but a two-week period will allow the Agreement to be finalized and consummated.”, on your profile on the Truth Social social network.
Iranian Foreign Minister Seyed Abbas Araghchi said Tehran will allow safe passage through the Strait for two weeks. The measure will take place via “coordination with the Iranian Armed Forces and with due consideration to technical limitations”he declared.
“If attacks against Iran are stopped, our Mighty Military will cease its defensive operations”said Araghchi.
