Oil plunges, Asia stocks soar after US, Iran ceasefire announcement

## Summary
Advertisement World Oil plunges, Asia stocks soar after US, Iran ceasefire announcement The US-Israeli war with Iran saw the steepest monthly oil price rise in history in March of more than 50 per cent. Click here to return to FAST Tap here to return to FAST FAST TOKYO: Stocks soared and oil plunged in early trade in Asia on Wednesday (Apr 8) after the United States and Iran agreed to a two-week ceasefire , with Tehran temporarily to reopen the vital Strait of Hormuz. Related: Trump agrees to suspend bombing of Iran for 2 weeks if Tehran completely reopens Strait of Hormuz Iran agrees to safe passage through Hormuz strait for two weeks 'if attacks halted' Gold extends gains as Trump pauses Iran attacks for two weeks Source: Agencies/dy Newsletter Week in Review Subscribe to our Chief Editor’s Week in Review Our chief editor shares analysis and picks of the week's biggest news every Saturday. Sign up for our newsletters Get our pick of top stories and thought-provoking articles in your inbox Subscribe here Get the CNA app Stay updated with notifications for breaking news and our best stories Download here Get WhatsApp alerts Join our channel for the top reads for the day on your preferred chat app Join here Related Topics War on Iran crude oil price Donald Trump Advertisement Also worth reading Content is loading...

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World
Oil plunges, Asia stocks soar after US, Iran ceasefire announcement
The US-Israeli war with Iran saw the steepest monthly oil price rise in history in March of more than 50 per cent.
A pump jack operates near a crude oil reserve in the Permian Basin oil field near Midland, Texas, US on Feb 18, 2025. (File photo: Reuters/Eli Hartman)
08 Apr 2026 07:01AM
(Updated: 08 Apr 2026 09:20AM)
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TOKYO: Stocks soared and oil plunged in early trade in Asia on Wednesday (Apr 8) after the United States and Iran agreed to a
two-week ceasefire
, with Tehran temporarily to reopen the vital Strait of Hormuz.
On oil markets, the US crude benchmark West Texas Intermediate (WTI) tumbled 16.56 per cent to US$96.39 per barrel, while Brent Crude was down 15.89 per cent at US$93.38.
On equities, Japan's Nikkei 225 was up 4.38 per cent at 55,771.56 points while in South Korea, the Kospi rocketed 5.71 per cent to 5,808.65.
"As fears of an escalation in fighting dispelled, buying is likely to take the lead in the Japanese market," Tokai Tokyo Securities said before the opening bell in Tokyo.
After more than a month of attacks by the United States and Israel, Iran said it had
agreed to talks
with Washington to begin Friday in Pakistan on a path to end the conflict.
"Subject to the Islamic Republic of Iran agreeing to the COMPLETE, IMMEDIATE, and SAFE OPENING of the Strait of Hormuz, I agree to suspend the bombing and attack of Iran for a period of two weeks," US President Donald Trump wrote on his Truth Social platform.
Iranian Foreign Minister Abbas Araghchi confirmed safe passage for two weeks for ships through the Strait of Hormuz, the gateway for one-fifth of the world's oil which Tehran sealed off in retaliation for the war launched on February 28.
The US-Israeli war with Iran saw the steepest monthly oil price rise in history in March of more than 50 per cent.
Trump said the US had received a 10-point proposal from Iran, which he called a workable basis to negotiate, and said the parties were very far along on reaching a definitive agreement for long-term peace.
"It's a good start and could pave the way to a more permanent reopening - but lots of ifs still to work out," IG analyst Tony Sycamore wrote in a note.
Related:
Trump agrees to suspend bombing of Iran for 2 weeks if Tehran completely reopens Strait of Hormuz
Iran agrees to safe passage through Hormuz strait for two weeks 'if attacks halted'
Gold extends gains as Trump pauses Iran attacks for two weeks
Source: Agencies/dy
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Related Topics
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## Expert Analysis

### Merits
N/A

### Areas for Consideration
N/A

### Implications
- On equities, Japan's Nikkei 225 was up 4.38 per cent at 55,771.56 points while in South Korea, the Kospi rocketed 5.71 per cent to 5,808.65. "As fears of an escalation in fighting dispelled, buying is likely to take the lead in the Japanese market," Tokai Tokyo Securities said before the opening bell in Tokyo.
- Trump said the US had received a 10-point proposal from Iran, which he called a workable basis to negotiate, and said the parties were very far along on reaching a definitive agreement for long-term peace. "It's a good start and could pave the way to a more permanent reopening - but lots of ifs still to work out," IG analyst Tony Sycamore wrote in a note.

### Expert Commentary
This article covers iran, oil, per topics. Readability: Flesch-Kincaid grade 0.0. Word count: 641.