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Crude prices plunge as US and Iran agree two-week ceasefire

Agreement to temporarily reopen the Strait of Hormuz sends oil prices down and equities higher.

Published Apr 7, 2026, 11:36 PM EDT | WFMZZ

Oil prices plunged Wednesday while stocks rallied after the United States and Iran agreed to a two-week ceasefire. The agreement will see Tehran temporarily reopen the vital Strait of Hormuz.