Oil prices make stunning plunge and stock futures surge after Trump steps back with two-week ceasefire

By STEPHEN M. LEPORE, US SENIOR REPORTER Published: 00:47, 8 April 2026 | Updated: 00:47, 8 April 2026 Oil prices dropped across the board on Tuesday after Donald Trump announced a two-week ceasefire with Iran that would see the reopening of the Strait of Hormuz. After Trump posted about the stoppage on Truth Social, US crude oil slid 16 percent to under $94 a barrel, after trading upwards of $117 that very same day.  The prices for natural gas and heating oil also dropped a fair amount following the ceasefire news.   Dow futures went up 1,000 points, Nasdaq 100 futures nearly three percent and S&P 500 futures rose over 2.5 percent, NBC News reported. Shipping in the Strait of Hormuz, a chokepoint in the Persian Gulf through which 20% of the world’s oil normally flows, had been all but halted, sending oil prices soaring and roiling the stock market.  Oil prices dropped across the board on Tuesday after Donald Trump announced a two-week ceasefire with Iran that would see the reopening of the Strait of Hormuz No comments have so far been submitted. Why not be the first to send us your thoughts, or debate this issue live on our message boards. By posting your comment you agree to our house rules. Do you want to automatically post your MailOnline comments to your Facebook Timeline? Your comment will be posted to MailOnline as usual. Do you want to automatically post your MailOnline comments to your Facebook Timeline? Your comment will be posted to MailOnline as usual We will automatically post your comment and a link to the news story to your Facebook timeline at the same time it is posted on MailOnline. To do this we will link your MailOnline account with your Facebook account. We’ll ask you to confirm this for your first post to Facebook. You can choose on each post whether you would like it to be posted to Facebook. Your details from Facebook will be used to provide you with tailored content, marketing and ads in line with our Privacy Policy.