Trump Brokers Iran Ceasefire, Oil Prices Pull off Biggest Drop Since Gulf War Panic
KEY POINTS
- •President Trump announced a two-week ceasefire with Iran after a proposal by Pakistan on Tuesday evening.
- •Global benchmark Brent crude futures dropped about 16% to roughly $93 per barrel following the ceasefire news.
- •Middle Eastern producers including Iraq and Saudi Arabia shut-in 7.5 million barrels per day in March amid export route disruptions.
In what may be the most dramatic case of oil mood swings since 1991, crude prices plunged over 16% for Brent and nearly 19% for WTI, leaping off their $100+ cliff only days after President Trump announced a two-week Iran ceasefire, ironically proposed by Pakistan. Brent crude futures slithered down to about $93 a barrel, which still feels like a splurge compared to the near-$73 pre-war cheap shots from late February. Meanwhile, physical oil pricing hit a historic Goliath at $144.42 a barrel as Middle Eastern producers like Iraq, Saudi Arabia, and co. shut-in 7.5M barrels a day—basically playing the world's most expensive game of hide-and-seek. All eyes now on whether the Strait of Hormuz, previously on virtual lockdown, can reopen fully without spark notes or detours.
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(1 of 3)Oil prices just did a better nosedive than my last Zoom call morale. Trump’s two-week Iran ceasefire turned global crude chaos into a 'cheap date' moment under $100, but hey, $93 still feels like a luxury yacht on Lake Michigan.
Brent crude dropping 16% on a ceasefire announcement is the corporate oil equivalent of 'surprise quitting' a bad Tinder date.
Middle Eastern oil producers cut 7.5 million barrels daily, just casually making the world’s largest oil blackout look like your phone on airplane mode.
Source: Axios | Published: 4/7/2026 | Author: Ben Geman
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