Oil prices are plunging and are continuing to fall since President Trump announced the start of a two-week ceasefire with Iran, putting a halt to Operation Epic Fury.
Within the first four hours alone, prices dropped more than 12 percent, with some now down over 15 percent, as The Wall Street Journal reports they are on track for their steepest decline since the COVID-era collapse.
PRICE OF OIL PLUMMETTING! pic.twitter.com/NcKt4KKulP
— Townhall.com (@townhallcom) April 7, 2026
🚨 BREAKING: The price of oil has DROPPED over -12% after President Trump got a ceasefire with Iran in exchange for promptly reopening the Strait of Hormuz
— Eric Daugherty (@EricLDaugh) April 7, 2026
And it's continuing to go down.
JUST like Trump promised, once we formally conclude the war, gas prices will plummet! 🔥 pic.twitter.com/BpazJuNM3L
Crude Oil Futures have fallen off a cliff now following President Trump’s announcement of a ceasefire in Iran.
— Paul A. Szypula 🇺🇸 (@Bubblebathgirl) April 7, 2026
Get ready for Democrats to ignore gas prices again as they collapse as well! https://t.co/Hs7tQneeRm pic.twitter.com/EU02bNZhDJ
🚨 JUST IN: The odds are SURGING that Strait of Hormuz traffic resumes to normal, now at 65% — Polymarket
— Eric Daugherty (@EricLDaugh) April 8, 2026
Great news for oil and gas prices!
SECWAR PETE HEGSETH: "The Strait is OPEN. Our military is watching...commerce WILL flow. That's what you saw the markets reacting, is… pic.twitter.com/mxa6ymyxQK
BREAKING: US oil prices crash -23% from their high of the day as Iran, Israel, and the US agree to a ceasefire for two weeks. pic.twitter.com/HjDONBQkJf
— The Kobeissi Letter (@KobeissiLetter) April 7, 2026
Ships have also begun moving through the Strait of Hormuz, as Americans could soon see gas prices start to fall.
🚨 BREAKING: The FIRST SHIPS have just safely passed the Strait of Hormuz following President Trump's ceasefire deal with Iran
— Eric Daugherty (@EricLDaugh) April 8, 2026
Good, keep it going!
"2 vessels have now passed through the Strait of Hormuz, the first ships to use this thoroughfare since the ceasefire went into… pic.twitter.com/8V9bna99ba
The stock market has also rebounded as the Dow has jumped over 1000 points since Tuesday.
BREAKING: The S&P 500 erases all losses and turns green on the day as Pakistan asks President Trump to extend his 8 PM deadline by 2 weeks.
— The Kobeissi Letter (@KobeissiLetter) April 7, 2026
Both sides have said they are reviewing the proposal. pic.twitter.com/zy0AdFmIUO
The good news remains tentative as reports have already emerged that ceasefire violations have occurred, exposing how fragile the pause in fighting still is. Iran allegedly hammered Israel with a barrage of missiles Tuesday after the ceasefire was called, and Iran is accusing the UAE and others of attacking them.
Day one of the US-Iran ceasefire and every side has breached it.
— The Hormuz Letter (@HormuzLetter) April 8, 2026
Iran struck Tel Aviv and Beersheba in a post-announcement ballistic missile salvo, then struck Kuwait with a wave of drones from 8 AM local. The Kuwait Army reported 28 drones intercepted and "significant material…
This comes as Secretary of War Pete Hegseth warned during a Wednesday press conference that if Iran violates the ceasefire, U.S. forces are prepared to resume strikes on Iranian targets at a moment’s notice.
Secretary Hegseth: "We'll be hanging around. We're not going anywhere. We're going to make sure Iran complies with the ceasefire and then ultimately comes to the table and makes a deal...Our troops are prepared to restart at a moment's notice." pic.twitter.com/GRrBDMUX7J
— CSPAN (@cspan) April 8, 2026