Crude Oil Price Today - April 8: Check Prices of Brent, WTI, Urals, ESPO, Murban, and More As Markets Crash

Oil prices declined as Iran agreed to a two‑week ceasefire linked to reopening the Strait of Hormuz, reducing near-term supply risk. However, analysts warned prices could remain volatile amid geopolitical uncertainties and ongoing regional tensions.

Crude Oil Price Today: Global oil prices slipped back under $100 per barrel after U.S. President Donald Trump said Iran had agreed to a two‑week ceasefire linked to the immediate and safe reopening of the Strait of Hormuz, easing fears of prolonged supply interruption through the key Gulf shipping route.

By 0330 GMT, Brent futures were down $14.51, or 13.3%, at $94.76 per barrel, while U.S. benchmark WTI lost $17.16, or 15.2%, to $95.79. Both contracts had recently traded well above $110 after sharp gains triggered by the U.S.-Israeli war with Iran.

oil prices Strait of Hormuz: market reaction and recent surge

Before the conflict, Brent crude had moved in a narrower band between $62 and $65 a barrel. Hostilities pushed it to a peak of $119 and kept prices elevated for weeks. March recorded the steepest monthly jump in oil prices on record, with gains exceeding 50% during the U.S.-Israeli confrontation with Iran.

Trump announced the ceasefire shift shortly before a deadline set for Iran to reopen the Strait of Hormuz, through which about 20% of the world’s oil supply passes. Earlier, Trump had warned of extensive attacks on Iranian civilian infrastructure if exports through the waterway did not resume safely.

Global Crude Oil Prices (April 8, 2026)

Note: Data reflects the immediate market correction following the April 8th ceasefire announcement.

On social media, Trump wrote, "This will be a double sided CEASEFIRE!" after a previous post warning that "a whole civilization will die tonight" if Iran ignored demands. Trump also said the U.S. had received a 10‑point proposal from Iran, describing it as a workable basis for talks on a long‑term peace agreement.

Iran stated that its forces would suspend attacks if strikes against Iranian territory stopped. Foreign Minister Abbas Araqchi said safe passage through the Strait of Hormuz would be allowed for two weeks in coordination with Iranian armed forces. Several Gulf countries, however, reported missile or drone launches and advised civilians to seek shelter during alerts.

Oil Prices Strait of Hormuz: impact on India and crude supplies

The conflict severely disrupted traffic through the Strait of Hormuz, which handles almost 20% of global oil and gas flows. Blockades, combined with Iranian attacks on regional oil and gas facilities, deepened worries over supply. Some producers also curbed output after storage filled up when exports were blocked at the chokepoint.

India, which imports nearly 90% of its crude oil needs, faces particular exposure to such shocks. About 90% of India’s liquefied petroleum gas imports move through routes that pass the Strait of Hormuz. A sustained increase of $1 per barrel in global crude prices is estimated to add roughly Rs 16,000 crore to India’s annual import bill.

During the month‑long crisis, Indian consumers saw higher prices for aviation turbine fuel, premium petrol and diesel. Domestic and commercial LPG rates also climbed as the government and fuel retailers dealt with more expensive crude and disturbed gas supplies linked to the Strait disruptions, pushing up overall energy costs in the country.