Oil prices continue to drop sharply amid US–Iran truce

Oil prices continue to fall amid news of a two-week truce between Iran and the United States.

Report informs via Interfax that prices are declining at the fastest pace in about six years.

As of 15:13 Baku time (GMT+4), June futures for Brent crude on the London ICE Futures exchange fell by $15.35 (14.05%) to $93.92 per barrel.

By that time, May futures for WTI crude on the NYMEX exchange dropped by $18.29 (16.19%) to $94.66 per barrel.

On the night April 8, 2026, Iran, the United States, and their allies reached an agreement on a two-week ceasefire. Iran also stated that during this period, safe passage through the Strait of Hormuz would be ensured in coordination with its armed forces and taking into account technical limitations.