On April 8, oil prices experienced a significant decline, with Brent crude falling $14.84 (13.6%) to $94.43 per barrel and WTI dropping $16.13 (14.3%) to $96.82. This drop followed U.S. President Donald Trump's announcement of a two-week ceasefire with Iran, contingent on the safe reopening of the Strait of Hormuz, a vital route for global oil transport. The ceasefire aims to alleviate tensions that have escalated due to the U.S.-Israeli conflict with Iran, which previously caused a record increase in oil prices by over 50% in March. Experts from Macquarie suggest that oil prices may find support in the $85–$90 range if tensions subside. However, ongoing geopolitical instability, particularly around the Strait of Hormuz, could lead to further volatility and upward pressure on prices. Analysts warn that even with a peace deal, Iran might still pose risks to oil transport in the future, influencing market perceptions and pricing.