World oil prices tumbled sharply Wednesday after President Donald Trump announced a framework ceasefire between the United States, Israel and Iran, easing fears of prolonged disruption to crude flows through the Strait of Hormuz and sending Brent crude futures plunging more than 13% in early trading.
As of mid-morning on April 8, 2026, Brent crude — the global benchmark — traded around $94 per barrel, down from Tuesday's settlement near $109-$111 and far below the $118 peak reached in late March amid fears of extended closure of the vital shipping chokepoint. West Texas Intermediate (WTI) crude also fell heavily, trading near $95-$96 per barrel after earlier sessions above $110.
