United States · Business news · Commodities · 08 Apr 2026
US Energy Industrials Consumer Discretionary
Trump announced a two-week ceasefire with Iran less than 90 minutes before his deadline for reopening the Strait of Hormuz. US crude settled 16.4% lower at $94.41 and Brent fell 13.3% to $94.75, after Brent had briefly topped $119 during the war. The S&P 500 rose 2.5% to 6,782.81, the Dow gained 1,325 points and the 10-year Treasury yield slipped to 4.29%. Iran said the same day it was closing the strait again after Israeli attacks in Lebanon.
Fuel is the biggest swing cost for airlines and cruise lines: United rose 7.9% and Carnival 11.2% on the day. For oil producers and refiners the move works the other way, cutting realised prices from the wartime peak. Cheaper oil also eased rate pressure; the 10-year yield fell and CME data showed traders pricing a nearly 25% chance of renewed Fed cuts in 2026. With the ceasefire fragile and independent trackers seeing no change in Hormuz traffic, the relief for fuel-heavy sectors depended on tankers actually moving.
Reported by Associated Press (via WDBJ7) — “Oil plunges below $95 as the Dow surges 1,300 in a worldwide rally following a ceasefire with Iran” ↗ on 08 Apr 2026.
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