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Crude oil prices drop after ceasefire announcement

Cost of Brent crude fell by 13.6 percent, while WTI crude dropped 14.3 percent.
1 min read•8 Apr '26
Suraj ViswanathanSuraj Viswanathan
5 views
Offshore oil and gas production facility

Following the announcement of a ceasefire by the United States and Iran on the raging Middle East crisis, crude oil prices have fallen across the board. As of April 8, 2026, Brent crude was trading at USD 94.43 per barrel, while WTI (West Texas Intermediate) crude oil price was USD 96.82 per barrel. As far as global crude oil prices are concerned, this change marks one of the most significant price drops in the recent decades.

  1. Brent crude USD 14.84 cheaper per barrel; WTI crude USD 16.13 lower
  2. Potential de-escalation in conflict key behind this price change

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