Oil Prices Plummet After Ceasefire Agreement

Oil prices fell sharply on Wednesday after Iran agreed to allow safe passage through the Strait of Hormuz during a 15-day ceasefire. American WTI crude had its worst daily performance since April 2020.

Oil prices fell sharply on Wednesday, dropping 14% to below $94 for Brent crude and 16% for American WTI crude to $94.75. Francisco Blanch, an analyst at Bank of America, says the oil market is still suffering from a severe shortage even as futures prices fall. Oil market expert De Haan expects the average diesel price to hit new record highs within the next 72 hours. Oil prices continued to decline after a ceasefire agreement and a 15-day truce. American crude lost...

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2026-04-09T00:16:56+00:00

Iran Closes Strait of Hormuz, Escalating Middle East Crisis

Iran announced a total ban on oil tankers passing through the Strait of Hormuz, causing a sharp reaction from global markets and increasing regional tension. The decision followed a series of incidents and military escalation, including attacks on tankers and a coordinated Israeli strike in Lebanon.

Economy Politics Events Country

2026-04-08T23:23:35+00:00

Iran Re-blocks Strait of Hormuz Following Attacks on Lebanon

Iran has again halted oil tanker navigation through the Strait of Hormuz following Israel's attack on Lebanon, which killed dozens. Tehran accused Israel of violating the ceasefire and promised a firm response. US President Trump stated that the attacks on Lebanon are not part of the agreement with Iran.

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2026-04-08T23:20:59+00:00

Resumption of Traffic in the Strait of Hormuz After Two-Week Ceasefire

After a 97% drop in shipping traffic in the Strait of Hormuz, movement has begun cautiously to resume following a two-week ceasefire agreement between the US and Iran. Oil prices have surged, posing a threat of a global energy crisis. Experts warn that full recovery will take time due to delays in verification and insurance.

Economy Politics Country

2026-04-08T23:16:59+00:00

Iran Suspends Oil Tanker Navigation Through Strait of Hormuz

Iran has suspended oil tanker navigation through the Strait of Hormuz following Israel's attack on Lebanon, which killed dozens. The Fars agency confirmed the suspension of tanker traffic.

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2026-04-08T23:11:23+00:00

Iran Confirms Readiness for Defense and Prepares for US Talks in Pakistan

The Iranian government has declared the readiness of its armed forces to defend the country amidst regional tensions. Iran confirms its participation in upcoming talks with the US in Islamabad scheduled for Friday. In exchange for a suspension of attacks from the US, Iran promises to ensure safe passage through the strategically vital Strait of Hormuz.