Global oil prices sharply declined on April 8 after Iran and the US declared a two-week ceasefire under proposed terms, halting weeks of intense conflict.
Under the ceasefire terms, Iran agreed to reopen the Strait of Hormuz, a crucial channel for nearly 20% of global oil shipments, after Pakistan played a vital role of mediator between both the countries to resolve the conflict, easing supply concerns.
Brent crude oil price
Crude oil prices fell to nearly $95 per barrel, while Brent crude dropped nearly 14%, marking the biggest single-day drops since the COVID-19 pandemic.
Oil prices today in world market
Global markets positively reacted to the ceasefire news, with global stocks exponentially rising as fears of prolonged supply disruption eased.
Though oil prices remain higher as compared to the pre-conflict levels,reflecting the current geopolitical risks.
Live crude oil price
Despite the sharp decline in crude, fuel prices remain higher.
In the US, gasoline still averages above $4 per gallon.
Oil prices forecast: Will prices drop further?
Several credible analysts suggested oil prices are likely to see a sharper decline if the ceasefire holds.
However, due to increased volatility in the market, long-term stability remains a major concern.
