Oil prices drop sharply after US-Iran ceasefire deal

08/04/2026 06:13 AST

Oil prices have dropped sharply and stock markets have jumped after the US and Iran agreed a two-week ceasefire deal that includes the reopening of the Strait of Hormuz waterway.

The price of benchmark Brent crude fell about 13% to $94.80 a barrel, while US-traded oil was more than 15% down at $95.75, a BBC report said.

But prices remain higher than before the conflict started on February 28. At the time oil was trading at around $70 a barrel.

The cost of energy has jumped as oil and gas supplies from the Middle East have been severely disrupted after Iran threatened to attack ships trying to use the strait in retaliation for US and Israeli airstrikes.

Major stock indexes in the Asia-Pacific region rose in Wednesday morning trading. Japan's Nikkei 225 gained by 5% while South Korea's Kospi exchange jumped by nearly 6%.

Hong Kong's Hang Seng was up by 2.8%, while the ASX 200 in Australia gained 2.7%.

US stock market futures also pointed to a higher open for Wall Street stocks.


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