Oil Prices Drop About 17% After Two-Week Ceasefire Between Iran And The U.S.

(MENAFN- Pajhwok Afghan News) With the outbreak of conflict involving the United States and Israel against Iran, the price of crude oil surged by approximately 68.5%, reaching $112.95 per barrel. However, following the announcement of a two-week ceasefire, prices dropped by about 17%, falling back to $93.75.

The United States and Israel launched attacks on Iran on February 28, 2026. During these attacks, Iran's Supreme Leader Ali Khamenei was reportedly killed. The strikes triggered a military response from Iran, and clashes between the sides continued.

Last night, U.S. President Donald Trump announced that both sides had reached an agreement to halt attacks for two weeks. He added that efforts toward a lasting peace agreement are still ongoing.

Meanwhile, officials in Tehran stated that if attacks on Iran stop, the country will suspend its military operations. They also confirmed that maritime traffic through the Strait of Hormuz will be safely maintained in coordination with Iran's armed forces during this period.

These developments significantly impacted global oil markets, leading to a decline in prices.

According to OilPrice, the price of a barrel of crude oil (WTI) was previously $67.02, but after the conflict began, it climbed to $112.95 per barrel as of yesterday (April 7).

Following the ceasefire announcement, prices dropped to around $93.75 per barrel by 4:30 PM Kabul time today.

These figures show that oil prices initially rose by about 68.5%, but then declined by approximately 17% after the ceasefire.

This demonstrates that even a short-term ceasefire in the volatile Middle East can have a significant impact on global energy markets, quickly easing the price pressures caused by the crisis.

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