NEW YORK / TOKYO — Global financial markets reacted with a massive relief rally on Wednesday, April 8, 2026, as oil prices plunged below the $100-per-barrel mark. The surge follows the 11th-hour announcement that the United States and Iran have agreed to a two-week ceasefire, centered on the immediate reopening of the Strait of Hormuz to global energy shipping.
- Oil Prices Crater: A 14% Intraday Drop
The threat of “Stone Age” strikes on Iranian infrastructure had kept energy markets in a state of high anxiety for weeks. With the truce in place, the “war premium” on crude evaporated almost overnight.
US Crude (WTI): Sank 14.3% to $96.83 a barrel.
Brent Crude: The international benchmark dropped 13.3% to $94.74, a stark reversal from the $109+ levels seen just 24 hours prior.
The Catalyst: Iran’s Foreign Ministry confirmed that passage through the Strait of Hormuz—the world’s most vital energy artery—will be permitted for the next 14 days under Iranian military coordination.
- Stock Markets Ignite: Asia and US Futures Rally
Investors moved quickly to price in the reduced risk of a total regional collapse, leading to some of the largest single-day gains of the year.
Asian Markets: Japan’s Nikkei 225 surged 4.8%, while South Korea’s Kospi outperformed with a massive 5.6% jump.
US Futures: S&P 500 futures advanced 2.3% and Dow futures rose 2% as of late Tuesday night (EDT), signaling a strong opening for Wall Street.
- A Fragile Peace: Attacks Continue Despite Deal
Despite the “double-sided ceasefire” agreement, the situation on the ground remains volatile.
Ongoing Hostilities: Reports indicate that sporadic attacks took place in Israel, Iran, and across the Gulf region early Wednesday morning.
Uncertain Start Time: Neither Washington nor Tehran has specified the exact minute the ceasefire takes effect, leading to a “grey zone” of continued military friction.
The Trump Factor: President Trump emphasized he is “holding off” on attacking civilian targets like bridges and power plants, but strike packages remain on standby should the Strait’s reopening be hindered.
Market Reaction Snapshot: April 8, 2026
| Asset | Change | Current Price/Level |
| Brent Crude | -13.3% | $94.74 / bbl |
| US Crude (WTI) | -14.3% | $96.83 / bbl |
| Nikkei 225 | +4.8% | (Closing High) |
| S&P 500 Futures | +2.3% | 9:30 PM EDT |