Overview
- Brent crude futures tumbled about 15% below $92 on ICE after the ceasefire announcement, while WTI fell roughly 16% to about $94.5.
- President Donald Trump said Iran would reopen the Strait of Hormuz under a two-week truce proposed by Pakistan.
- Pakistan invited U.S. and Iranian delegations to talks in Islamabad on April 10, with expected U.S. attendees including Vice President J.D. Vance, envoy Steve Witkoff, and Jared Kushner.
- S&P Global Platts assessed Dated Brent, the spot benchmark for physical cargoes, at $144.42, surpassing the prior 2008 peak.
- The Strait of Hormuz carries about 20 million barrels of oil per day, and GasBuddy noted a $4.14 U.S. average gas price as analysts warned pump costs could rise if supply stays uncertain.