Oil Prices Nosedive Upon News of Iran Ceasefire – RedState
Don’t necessarily expect this to show up instantly at the gas pump, but there is some good news on the oil price front following President Trump’s announcement that he has reached an interim ceasefire agreement with Iran.
OIL PRICE FALLING! pic.twitter.com/NcKt4KKulP
– Townhall.com (@townhallcom) April 7, 2026
READ MORE: Trump says Iran peace deal in the works
Democrats exploit Iran war to smear Trump on energy prices
It’s probably too early to say it’s done: there are a lot of points to put in place and points to cross before we can say it. And… this is Iran we’re talking about.
Yet following the president’s announcement of the potential deal, oil prices fell sharply, marking the largest single-day drop since 1991 and the Gulf War.
Crude oil prices fell sharply late Tuesday, falling well below $100 a barrel after President Trump said the United States had agreed to a two-week ceasefire with Iran offered by Pakistan.
Why it’s important: It was the biggest one-day free fall in oil prices since the 1991 Gulf War.
Driving the news: Global benchmark Brent crude futures fell about 16% to around $93 a barrel. But it remains well above the $73 mark just before the start of the war at the end of February.
- WTI, the U.S. benchmark, fell about 19% to around $92 a barrel.
Stock futures also jumped following the announcement.
S&P 500 futures rose 2.4%.
…
Earlier in the day, U.S. stocks fluctuated sharply as Trump’s deadline to destroy Iranian power plants and bridges approached.
The S&P 500 fell as much as 1.2% after Trump threatened that an “entire civilization would die tonight, never to be brought back” if Iran did not meet its 8 p.m. Eastern time deadline to open the Strait of Hormuz. But stocks rebounded in late trading after Pakistan’s prime minister urged Trump to extend his deadline for another two weeks and asked Iran to open the strait for two weeks.
It remains to be seen whether and to what extent this development will impact domestic fuel prices, but for Americans who have nervously watched the price at the pump over the past six weeks, the sharp drop in oil prices is undoubtedly good news.
This is a developing story.
Editor’s note: For decades, former presidents did nothing but talk. Now, Donald Trump eliminates the Iranian threat once and for all.
Help us reveal the truth about the Trump administration’s decisive actions to keep Americans safe and bring peace to the world. Join RedState VIP and use promo code STRUGGLE to benefit from 60% off your VIP subscription.
