Energy Insider | US and Iran agree to a two-week ceasefire, international oil prices once plummeted by 17.5%; Saudi Arabia's largest industrial city was attacked, and Chinese chemical stocks surged to limit-up levels

WealthCoffee · 2026-04-08T04:14:04+00:00

Iran and Iraq agree to a two-week ceasefire, leading to a sharp drop in international oil prices. WTI crude oil prices plummeted by 17.5%, falling to around $97 per barrel, while Brent crude oil dropped to $94.7 per barrel. Meanwhile, Civil Aviation Administration Director Song Zhiyong was promoted to a full ministerial-level position.

WealthCoffee

2026-04-08 04:14:04

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【Caixin Global】

U.S.-Iran Agree to a Two-Week Ceasefire; International Oil Prices Drop as Much as 17.5%

Caixin Global reported on April 8 that as news emerged that both the U.S. and Iran would release a two-week ceasefire, international oil prices fell sharply on April 8, with U.S. WTI crude oil prices dropping by as much as 17.5% at one point.

As of the time of writing, U.S. WTI crude oil futures for the front-month contract fell to about $97 per barrel, with an intraday high drop to $91.05 per barrel; compared with the previous day’s closing price, they were down 12.1% and 17.5%, respectively. European Brent crude oil futures for the front-month contract fell to $94.7 per barrel, with an intraday high drop to $91.7 per barrel; compared with the previous day’s closing price, they were down 8.4% and 11.3%, respectively. On April 7, WTI and Brent closed at $110.34 per barrel and $103.42 per barrel, respectively.

CAAC Administrator Song Zhiyong Upgraded to Full Ministerial Rank

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