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U.S. oil prices fall more than 9% after Trump agrees to suspend attacks on Iran for two weeks

Apr 07, 2026 22:44 UTC

President Donald Trump had threatened to destroy Iran's entire civilization if his 8 p.m. ET deadline to reopen the Strait of Hormuz is not met..

  • Oil prices plunged Tuesday evening, after PresidentDonald Trumpagreed to suspend attacks on Iran for two weeks in exchange for Tehran allowing safe passage through the Strait of Hormuz
  • TheWest Texas Intermediatecontract for May delivery fell more than 16% to $94
  • 47 per barrel by 8:03 p

Oil prices plunged Tuesday evening, after PresidentDonald Trumpagreed to suspend attacks on Iran for two weeks in exchange for Tehran allowing safe passage through the Strait of Hormuz. TheWest Texas Intermediatecontract for May delivery fell more than 16% to $94.47 per barrel by 8:03 p.m. ET. International benchmark Brent for June delivery lost more than 15% to $92.21 per barrel. Trump said the two-week ceasefire was subject to Iran agreeing to a complete, immediate and safe opening of the Strait of Hormuz. The U.S. has received a 10-point proposal from Iran that is a workable basis for negot

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