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Oil falls to lowest since start of Iran war after ceasefire deal signed

Oil prices fell more than 1% on Thursday to levels seen in early March. The decline follows a 14-point US-Iran agreement extending an April ceasefire for 60 days. Shipping traffic through the Strait of Hormuz is returning to pre-war levels.

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What changed

New details confirm the ceasefire extension is for 60 days and prices dropped more than 1%.

Live updates

  1. Oil Prices Drop to Pre-Iran War Levels Following Ceasefire

    Oil prices fell more than 1% on Thursday to levels seen in early March. The decline follows a 14-point US-Iran agreement extending an April ceasefire for 60 days. Shipping traffic through the Strait of Hormuz is returning to pre-war levels.

    What's confirmed:

    • Oil prices fell more than 1% on Thursday to their lowest since the start of the Iran war.
    • The US and Iran signed a 14-point agreement extending an April ceasefire for 60 days.
    • Traffic through the Strait of Hormuz is returning to pre-war levels.

    Still unconfirmed:

    • Ukraine launched a major attack on a Moscow refinery.
    confidence 95%

  2. Oil Prices Hit Lowest Level Since Iran War Start Following Ceasefire

    Oil prices dropped on Thursday to their lowest point since the first trading day of the Iran war. The decline follows an interim deal between the US and Iran to end the conflict and ease sanctions on Tehran. The agreement also includes the reopening of the Strait of Hormuz.

    What's confirmed:

    • Oil prices fell to their lowest since the first trading day of the Iran war.
    • The US and Iran signed an interim deal to end the conflict, reopen the Strait of Hormuz, and ease sanctions on Tehran.
    • The ceasefire agreement improved the global supply outlook.

    Still unconfirmed:

    • Oil prices fell almost 3 per cent on Thursday.
    • Brent crude futures were down $1.59, or 2 per cent.
    • Oil prices fell 2 per cent on Thursday.
    • Oil prices fell more than one per cent on Thursday.
    confidence 90%

  3. Oil Hits Lowest Levels Since Iran War Following US-Iran Interim Deal

    Oil prices dropped to their lowest levels since the start of the Iran war after the US and Iran signed an interim ceasefire agreement. The deal aims to end the war, ease sanctions on Tehran, and reopen the Strait of Hormuz. Brent crude and WTI both saw significant declines as markets anticipate a return of Iranian oil.

    What's confirmed:

    • Oil prices fell to their lowest since the first trading day of the Iran war on Thursday.
    • Brent crude futures dropped 2% to $77.96 a barrel as of 0811 GMT.
    • U.S. West Texas Intermediate fell 2.38% to $74.96 a barrel.
    • The US and Iran signed a memorandum of understanding to end the war and ease sanctions.
    • The agreement includes a 60-day negotiation period.
    • Iran will allow toll-free passage through the Strait of Hormuz with full capacity to be restored within 30 days.
    • Brent sank to its lowest level since March 2, while WTI hit its lowest since March 4.

    Still unconfirmed:

    • The US will allow Iran to sell oil.
    • Signs of cracks in the agreement have given traders pause.
    confidence 95%