Brief by Shorts91 Newsdesk / 07:59am on 08 Apr 2026,Wednesday International
Oil prices fell sharply after the US, Iran and Israel agreed to a two-week ceasefire. Brent crude dropped about 14% to $94 per barrel. Gas prices in the UK also fell over 18%. The drop followed news that the Strait of Hormuz would reopen. Stock markets rose strongly, with the FTSE 100 up over 2%. Asian markets also surged, with Japan and South Korea seeing big gains. However, supply issues remain. Oil and gas production will take time to recover. Fuel and fertiliser costs may stay high for weeks. Experts say prices are still above pre-war levels despite the sudden fall. (PC: Reuters)
