Oil Prices Decline Sharply Following Temporary Ceasefire Between US and Iran
Apr 10, 2026
Global oil prices recorded a notable decline after reports of a temporary two-week ceasefire agreement between the United States and Iran, easing concerns in international energy markets.
Brent crude for June delivery fell to around $95.57 per barrel, while West Texas Intermediate (WTI) for May delivery traded near $96.99 per barrel, moving into the mid-$90 range.
The market movement followed developments indicating improved vessel movement conditions in the Strait of Hormuz, where temporary arrangements were reported to allow safer passage for shipping activity.
Analysts noted that the ceasefire is intended to support diplomatic engagement, with discussions expected to take place in Pakistan. However, they also highlighted that market stability remains uncertain due to ongoing geopolitical risks.
According to market reports, oil prices may continue to remain above pre-conflict levels due to supply concerns, shipping disruptions, and increased insurance and freight costs.
Industry estimates also suggest that a significant number of oil and gas vessels remain affected in the region, reflecting ongoing logistical challenges in global energy transport.
Experts further stated that any renewed tensions could quickly impact oil prices again, depending on future developments in the region.
