Oil tumbles to $95/bbl on diplomatic breakthrough

April 8, 2026 (MLN): Oil prices dropped sharply after U.S.A temporary halted military action against Iran, which signaled a possible de-escalation in tensions that have disrupted global energy markets.

Currently, Brent crude futures is down by $16.21, or 14.53%, to $95.33 per barrel, according to data by Mettis Global.

West Texas Intermediate (WTI) crude futures decreased by $16.33, or 14.46%, to $96.62 per barrel by [10:04 am] PST.

U.S. President Donald Trump said the pause in hostilities would last for two weeks, contingent on Iran ensuring the immediate and secure reopening of the Strait of Hormuz , a critical passage for global oil shipments.

According to the president, Tehran has presented a 10-point proposal that could serve as a foundation for broader negotiations, as reported by CNBC.

He indicated that many longstanding points of disagreement between the two countries had already been addressed, adding that the two-week window would allow both sides to finalize a comprehensive agreement.

This came just hours before a previously set deadline, when Trump had warned of severe military strikes on Iranian infrastructure if the Strait remained closed.

The last-minute shift followed discussions with Pakistan’s Prime Minister Shehbaz Sharif, who urged Washington to allow more time for diplomacy.

Shehbaz Sharif also reportedly encouraged Iran to reopen the waterway as a gesture of goodwill.

Before the recent conflict, roughly one-fifth of the world’s oil supply passed through the Strait, showing its importance to global energy stability.

Furthermore,  In a statement posted on Truth Social, Donald Trump expressed optimism about easing tensions in the Middle East, saying Iran appears willing to move toward peace after prolonged strain.

He noted that both sides seem ready to de-escalate, with the United States expected to assist in managing maritime activity in the Strait of Hormuz to ensure smooth operations.

President Trump added that the situation could open the door to significant economic opportunities, including reconstruction efforts in Iran, with the US prepared to provide logistical support and maintain a presence to help ensure stability.

He voiced confidence that the developments could mark the beginning of a more prosperous phase for the region, describing it as a potential “golden age” for the Middle East.

Copyright Mettis Link News