Oil prices make staggering plunge and stock futures surge after Donald Trump's ceasefire

Oil prices make staggering plunge and stock futures surge after Donald Trump's ceasefireDonald Trump has been mocked after he said he would suspend his threatened attack against Iran less than two hours before the deadline the president set for TehranMoneyBradley Jolly Overnight News Editor01:52, 08 Apr 2026View 2 ImagesDonald Trump speaks during a news conference on Monday(Image: Getty Images)Oil prices plunged across the board yesterday after Donald Trump declared a two-week ceasefire with Iran.‌The stoppage will see the reopening of the Strait of Hormuz, and so US crude oil has slid 18 percent to less than $93 (£70) a barrel, after trading upwards of $117 (£87) that very same day. The dips mark the largest one-day lowering of oil prices since during the Gulf War in 1991.‌And prices for natural gas and heating oil also dropped a fair amount following the ceasefire development. Brent crude oil futures fell about six percent to $103.40. Both prices remain well above where they were at the start of the war.‌Mr Trump, 79, agreeing to the two-week ceasefire to allow talks to progress, having previously threatened to "completely destroy" the Iranian civilisation. However, Iran state television mocked the world leader in the wake of the move.READ MORE: Iran war LIVE: Trump calls off power plant attack and announces 11th-hour ceasefire agreementREAD MORE: Iran state TV mocks Donald Trump's ceasefire as 'a humiliating retreat'View 2 ImagesPetrol and diesel prices are displayed at a Shell petrol station in Dorset last month(Image: Getty Images)‌Shipping in the Strait of Hormuz, a chokepoint in the Persian Gulf through which 20 percent of the world's oil normally flows, had been all but halted. But NBC News now reports Dow futures went up 1,000 points, Nasdaq 100 futures nearly three percent and S&P 500 futures rose over 2.5 percent since Mr Trump's announcement.Concern had grown for the cost of living, including oil and petrol pri...